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diamond game Landbank extends P769B in loans for agri, fisheries development
The Land Bank of the Philippines (Landbank) extended P769.68 billion in loans to support agriculture, fisheries, and rural development as of October last year.
lucky timeLandbank has yet to provide the comparative data but noted that its loans as of end-October represent 55 percent of its gross loan portfolio totaling P1.387 trillion.
Article continues after this advertisementStill, the figure already exceeded P755.1 billion in outstanding loans given by the state-run bank in 2023.
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Landbank also said it assisted 3.93 million small farmers and fishers nationwide through loans and various support interventions.
Article continues after this advertisementThe Agriculture, Fisheries and Rural Development Financing Enhancement Act of 2022 mandates Landbank and the Development Bank of the Philippines to use the special fund to offer financing to farmers and fisheries registered in the Registry System for Basic Sectors in Agriculture, farmers and fisheries cooperatives and associations, and microfinance institutions.
Article continues after this advertisementUnder the law, 65 percent of the fund will be provided as a credit facility with minimum interest rates and collateral requirements.
Article continues after this advertisementAside from lending, Landbank implements the Expanded Rice Credit Assistance of the Rice Competitiveness Enhancement Fund (ERCA-RCEF) along with DBP.
Landbank said it has extended loans worth P2.89 billion between 2019 and 2024 to bolster rice production and post-harvest activitiesdiamond game through this program.
Article continues after this advertisementThis benefitted 17,767 individual rice farmers and 270 cooperatives with more than 47,100 member-beneficiaries, which were channeled for palay production, milling and trading, re-lending, and the acquisition of farm machinery.
Neda made the pronouncement after the Philippine Statistics Authority reported that the country’s inflation in August eased to 3.3 percent, its slowest rate in seven months due to a slower rise in food and transport costs.
The state-run bank also said 98 percent of Landbank’s direct borrowers under the program are individual rice farmers.
“Landbank fully supports the RCEF extension towards strengthening our collective efforts to empowering Filipino rice farmers and boosting agricultural competitiveness. This significant step will bolster food security and sustainability, and the Bank stands ready to continue its active role in supporting this initiative,” Landbank president and CEO Lynette Ortiz said.
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The RCEF provides funding for various programs aimed at boosting farmers’ productivity and increasing their income and competitiveness under the Rice Tariffication Law that liberalized rice trading in the Philippines.
The amended RTL signed last December increased the budget allocation for RCEF to P30 billion annually until 2031, with half or P15 billion earmarked for different priority programs, activities, and projects, including expanded rice credit assistance.
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