Landbank Lends P39.9B to Small Farmers and Fishermen03 April 2013
PHILIPPINES - The Land Bank of the Philippines further strengthened its support to small farmers and fishermen with loan releases amounting to P39.9 billion from January to December 2012, benefiting 772,892 small businesses.
“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 its President and CEO Gilda E. Pico.
Of the amount, P39.6 billion was released to small farmers and P323 million to fisherfolk. 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 include wholesale and retail trade, manufacturing, agri-processing and fishery.
Regions with the highest loan releases to small farmers and fisherfolk are 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 include small farmers (including agrarian reform beneficiaries and their associations) and small fisherfolk 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.
TheCattleSite News Desk