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LANDBANK RELEASED P11.93 BILLION LOANS TO HIGH-VALUE CROPS, FARMERS, AS OF END-JULY

7 months ago | Local Business News | 0 comments

By Xai Reyes

State-owned Land Bank of the Philippines said Tuesday it had released a total of P11.93 billion in loans, as of July 31, 2020, to support high-value farming.

The state lender said a significant portion of P3.45 billion of the total P11.93-billion loans were released to support projects in oil palm production, followed by projects financed in banana production and other fruits with corresponding P1.88 billion and P1.35 billion loan releases, respectively.

The loans extended were under Landbank’s “Sulong Saka Program or High-Value Crops Financing”—a part of the bank’s aggressive drive to deliver intensified support to the country’s agriculture sector.

Meanwhile, a total of 992 borrowers from 72 provinces across the country have availed of the lending program.

Of the total borrowers; 421 are small farmers and fishers (SFFs); 302 are cooperatives; 183 are micro, small, and medium enterprises (MSMEs); and the remaining 86 are countryside financial institutions (CFIs), large agribusiness enterprises (LAEs)/corporations, associations, microfinance institutions (MFIs), local government units (LGUs), government-owned and controlled corporations (GOCC), and financial institutions (FIs).

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