MANILA -- The Land Bank of the Philippines (LANDBANK) remains the biggest lender to the agriculture sector, with loans reaching P236.8 billion as of 31 March 2022.
The loans were used to finance various economic activities of major players in the industry—from small farmers and fishers to large agribusiness enterprises, as well as local government units (LGUs) and government-owned and controlled corporations (GOCCs) for agri-aqua related projects and construction of needed infrastructure such as public markets, cold storages, irrigation systems, farm-to-market roads, warehouses, and slaughterhouses.
Small farmers and fishers benefited from the P35 billion loans channeled through cooperatives and farmers’ associations, rural financial institutions and other partner conduits of LANDBANK.
“We continue to intensify our support to the agri sector, particularly the farmers and fishers whom we celebrate in this month of May. LANDBANK is committed in delivering timely and responsive support to boost their production and income,” said LANDBANK president and CEO Cecilia C. Borromeo.
Financing for small, medium, and large agribusiness enterprises accounted for P146.62 billion of the total loans, P55.19 billion supported LGUs and GOCCs, and the remaining P99.64 billion backed the construction and improvement of essential infrastructure.
In terms of economic activities, P56.39 billion of LANDBANK’s total agri sector loans financed crops, livestock, and fisheries, while P80.83 billion was channeled to agri-processing and trading.
As part of its intensified support to the agriculture sector, LANDBANK continues to implement regular loan offerings alongside lending programs in partnership with the Department of Agriculture (DA) and the Department of Agrarian Reform (DAR).
As of 31 March 2022, LANDBANK has released a total of P12.51 billion under the programs administered for DA, which include the Agricultural Competitiveness Enhancement Fund (ACEF), the Socialized Credit Program under the Sugarcane Industry Development Act (SCP-SIDA), the Expanded Rice Credit Assistance under the Rice Competitiveness Enhancement Fund (ERCA-RCEF), the Survival and Recovery Assistance Program for Rice Farmers (SURE Aid), and SURE COVID-19.
Meanwhile, the Bank’s cumulative loan releases under DAR’s Credit Assistance Program for Program Beneficiaries Development (CAP-PBD) has reached P700 million.
LANDBANK remains fully committed towards advancing a more vibrant, productive, and resilient agriculture sector in line with serving the nation. (LANDBANK)