Land Bank Extends P39.9B Loan to Small Farmers, Fishers in 201201 March 2013
PHILIPPINES - The Land Bank of the Philippines released P39.9 billion loan in 2012 to further strengthen support to small farmers and fishers.
“LandBank remains aggressive in channeling assistance to the farming and fisheries sector as we aim to further strengthen and sustain their viability to accelerate the development of rural economies,” said LandBank President and CEO Gilda E. Pico.
According to Landbank, 772,892 small farmers and fishers benefited from the loan releases. The amount of P39.6 billion was released to small farmers while P323 million to fishers.
These loan releases were channeled through 888 farmers and fisherfolk cooperatives, 313 countryside financial institutions, and 160 irrigators’ associations.
By agricultural activity, loans for crop production reached P18.4 billion in 2012 while loans for livestock projects reached P3.8 billion. Other economic activities financed by Landbank last year included wholesale and retail trade, manufacturing, agri-processing and fishery.
Regions with the highest loan releases to small farmers and fisherfolk were from Central Luzon with P9.9 billion followed by Cagayan Valley with P5.1 billion, and Central Visayas with P4.9 billion.
Meanwhile, as of December 2012, Landbank’s loans to its priority sectors registered a 19 per cent hike to P205.3 billion from the P172.1 billion recorded in December 2011. The P205.3 billion makes up 75 per cent or three-fourths of the Bank’s gross loan portfolio of P273.8 billion in 2012.
The priority sectors of Landbank included small farmers (including agrarian reform beneficiaries and their associations) and small fishers and their associations; agri-business, aqua-business, and agri-aqua related projects of LGUs and GOCCs; micro, small and medium enterprises, communications, transportation, housing, education, health care, environment-related projects, including clean renewable energy, and tourism.
ThePigSite News Desk