State-run Land Bank of the Philippines, which is expected to become the second-largest bank when it merges with Development Bank of the Philippines, said it released P384 billion worth of loans to priority sectors last year.
LandBank said the amount represented 88.3 percent of the total P434.8 billion loans extended to all sectors.
LandBank president Gilda Pico said in a statement pursuing the social mandate remained the core of LandBank’s operations.
“Alongside our thrust to be financially viable and competitive, we strive to keep our focus in bringing access to credit to the marginalized sectors and other development players,” Pico said.
Pico said the expansion in loans was consistent with efforts to further strengthen its credit support, particularly for key sectors and projects with high development impact.
LandBank’s priority sectors include small farmers/agrarian reform beneficiaries and fishers and their associations, micro-enterprises and SMEs, agri- and aqua-businesses, agri-aqua related projects of LGUs and GOCCs, communications, transportation, housing, education, healthcare, environment-related projects, tourism, utilities and livelihood.
Agribusiness loans grew 65 percent to P45.4 billion in 2015 from P27.5 billion in 2014. Loans to small farmers and fishers also increased 15 percent to P38.7 billion from P33.7 billion. Meanwhile, outstanding loans to micro-enterprises and SMEs grew 11 percent to P57.3 billion from P51.4 billion in 2014.
Loans to the utilities sector reached P62.2 billion, up by 19 percent from P52.1 billion in 2014, while the bank’s loans for socialized, low-cost, and medium-cost housing expanded to P39.5 billion from P37.3 billion.
Loans to the transportation also grew to P27.8 billion from P22.5 billion in 2014.