LBP PROVIDES P1.2 -B LOAN TO 29K FARMERS IN DAVAO REGION
Some 29,000 farmers in the Davao Region availed of some PHP1.2 billion financial assistance from the Land Bank of the Philippines (LBP) as of September this year.
Jose Enedicto Faune, vice president of LBP Davao Lending Center, said the fund assistance was coursed through the 119 cooperatives around the region.
“We assist the farmers through cooperatives and other related organizations,” Faune said during a virtual press conference.
Faune said one of the beneficiaries was the Balutakay Coffee Farmers Association in Davao del Sur that received PHP10 million on October 2.
The assistance, he said, was intended as working capital and for the cooperative to buy the products of their farmer-members instead of selling their produce to outside traders.