In line with its special focus to serve the needs of the country’s agriculture sector, the Land Bank of the Philippines (LandBank) reported that it had assisted over 2 million small farmers and fishermen (SFFs) nationwide.
As of end-September, LandBank has assisted nearly 2.4 million SFFs, exceeding its full-year target of 2 million and more than double the 1 million it supported in 2019.
About 1.63 million, or 68 percent of the total, were provided assistance through the bank’s regular loan offerings and lending programs jointly implemented with the Department of Agriculture (DA) and the Department of Agrarian Reform (DAR).
Included here were the 716,897 small farmers assisted through the Rice Farmers Financial Assistance and Financial Subsidy to Rice Farmers Programs of the DA. The remaining 48,760 were supported through the Financial Literacy Training Program of the LandBank Countryside Development Foundation Inc. conducted in unbanked municipalities nationwide.
“Three months before the end of 2020, LandBank already surpassed its yearend target of assisting 2 million small farmers and fishers nationwide. This accomplishment attests to our continuing commitment that LandBank, together with the Department of Agriculture and the Department of Agrarian Reform, remains steadfast in its support to the agriculture sector,” LandBank President and Chief Executive Officer Cecilia Borromeo said in a statement.
In terms of its continued expansion in lending, LandBank said outstanding loans to the agriculture sector grew by P5.68 billion to P230.34 billion in September from P224.66 billion in August.
Of the latest amount, P34.97 billion were lent to small farmers and fishermen, and cooperatives and farmers associations, rural financial institutions and other conduits, while P195.36 billion were provided to other players in the agribusiness value chain.
LandBank expects to further expand its agricultural loan portfolio to P245 billion by the end of the year.
your business 