The Land Financial institution of the Philippines (LandBank) mentioned its excellent loans to the agriculture sector final 12 months grew by 4.31 % year-on-year to P247.85 billion.
LandBank mentioned in a press release that its excellent loans to the agriculture sector final 12 months was P10.23 billion increased than the P237.62 billion recorded in 2020.
With the rise in excellent loans, the financial institution mentioned it was capable of surpass its goal of three.2 million farmers and fisherfolk beneficiaries nationwide.
“Aiding over 3.2 million farmers and fishers underscores LandBank’s intensified assist to the agriculture sector. We are going to proceed to advertise restoration and renewed development for agri gamers and different growth industries, as a part of our expanded and holistic strategy in serving the nation,” LandBank President and CEO Cecilia C. Borromeo mentioned over the weekend.
LandBank mentioned P38.83 billion of its excellent agricultural loans final 12 months “immediately benefited small farmers and fisherfolk,” together with loans that had been channeled by way of cooperatives and farmers associations.
“A complete of P155.66 billion supported small, medium, and huge agribusiness enterprises, whereas the remaining P53.36 billion aided agri-aqua associated initiatives of native authorities models (LGUs) and government-owned and -controlled firms.”
LandBank mentioned about P60.4 billion of its whole agricultural loans final 12 months financed crops, livestock, and fisheries, whereas P88.25 billion was channeled for agri-processing and buying and selling.
“The remaining P99.19 billion backed the development and enchancment of important infrastructure corresponding to public markets, farm-to-market roads, warehouses, chilly storages, irrigation methods, and slaughterhouses.”
LandBank mentioned about 2.32 million or 72 % of the whole farmers and fisherfolk beneficiaries final 12 months had been supported by way of the financial institution’s common mortgage packages, together with lending packages administered for the Division of Agriculture (DA) and the Division of Agrarian Reform (DAR).
“As of December 31, 2021, LandBank has launched a complete of P11.95 billion for the good thing about 296,636 farmers and fishers underneath the packages administered for the DA.”
“These embrace the Agricultural Competitiveness Enhancement Fund, Socialized Credit score Program underneath the Sugarcane Trade Growth Act, Expanded Rice Credit score Help underneath the Rice Competitiveness Enhancement Fund, Survival and Restoration Help Lending Program, and Expanded SURE Help and Restoration Undertaking.”
LandBank mentioned it launched P679.92 million value of loans to 10,170 small farmers, notably agrarian reform beneficiaries and small farm holders, by way of the Credit score Help Program for Program Beneficiaries Growth and Expanded Help to Restore and Set up Sustainable Enterprises for Agrarian Reform Beneficiaries and Small Farm Holders. The 2 mortgage packages are in partnership with DAR, the financial institution mentioned.
LandBank added that it assisted 796,311 beneficiaries underneath the DA’s Rice Farmer Monetary Help and Monetary Subsidy to Rice Farmers Packages, with 62,020 of which availing the SURE Help Program. LandBank mentioned the remaining 187,690 beneficiaries acquired capability constructing coaching by way of the financial institution’s Countryside Growth Basis Inc. program.
“LandBank continues to assist the agriculture sector as a part of its social mandate of selling countryside growth, alongside servicing the monetary wants of micro, small and medium enterprises, countryside monetary establishments, LGUs, and authorities establishments.”