State-run Land Bank of the Philippines said over the weekend it facilitated P247.85-billion worth of loans to the agriculture sector in 2021, up 4.3 percent from the P237.62 billion released in 2020.
LandBank said it released P38.83 billion of the total to small farmers and fishers, including those channeled through cooperatives and farmers’ associations, rural financial institutions and other conduits.
About P155.66 billion supported small, medium and large agribusiness enterprises, while the remaining P53.36 billion aided agri-aqua related projects of local government units and government-owned and controlled corporations.
The bank said in terms of economic activities, P60.4 billion financed crops, livestock and fisheries, while P88.25 billion were channeled for agri-processing and trading.
The remaining P99.19 billion supported the construction and improvement of essential infrastructure such as public markets, farm-to-market roads, warehouses, cold storages, irrigation systems and slaughterhouses.
LandBank said it assisted more than 3.2 million farmers and fishers nationwide through loans, subsidies and training programs, or 7 percent more than its three-year commitment to assist 3 million agriculture stakeholders by end-2021.
“Assisting over 3.2 million farmers and fishers underscores LandBank’s intensified support to the agriculture sector. We will continue to promote recovery and renewed growth for agri players and other development industries, as part of our expanded and holistic approach in serving the nation,” said LandBank president and chief executive Cecilia Borromeo.
The bank said of the total farmers and fishers assisted, 2.32 million or 72 percent were supported through its regular loan programs, including lending programs administered for the Department of Agriculture and the Department of Agrarian Reform.
LandBank released P11.95 billion for the benefit of 296,636 farmers and fishers under the programs administered for the DA.
These include the Agricultural Competitiveness Enhancement Fund, Socialized Credit Program under the Sugarcane Industry Development Act, Expanded Rice Credit Assistance under the Rice Competitiveness Enhancement Fund, Survival and Recovery Assistance Lending Program and Expanded SURE Aid and Recovery Project.
LandBank also released P679.92 million to support 10,170 small farmers, particularly agrarian reform beneficiaries and small farm holders, under the Credit Assistance Program for Program Beneficiaries Development and Expanded Assistance to Restore and Install Sustainable Enterprises for Agrarian Reform Beneficiaries and Small Farm Holders.
SOURCE: https://manilastandard.net
