State-run Land Bank of the Philippines said it continues to firm up its support to the agriculture sector, with outstanding loans reaching P271.8 billion as of end-March 2023, up 14.8 percent from P236.8 billion released in the same period in 2022.
LandBank said of the total agriculture loans, P42.3 billion directly benefitted small farmers and fishers, including those which were channeled through cooperatives and farmers’ associations, rural financial institutions and other conduits.
LandBank extended P181.2 billion to finance the requirements of small, medium and large agribusinesses as support to other agri-value chain players.
The remaining P48.3 billion in loans supported agri- and aqua-related projects of local government units (LGUs) and government-owned and controlled corporations.
The bank said that in support of the national government’s thrust to boost palay production and ensure sufficient rice supply in the country, it continued to ramp up lending activities to rice farmers and other rice industry stakeholders.
LandBank’s outstanding loans to the local rice industry reached P9.7 billion in the first quarter of 2023. The disbursements funded palay production and processing such as farm inputs, machineries, equipment and facilities, among others.
LandBank said it also continued to provide responsive credit assistance to the coconut sector with outstanding loans amounting to P643 million, benefitting coconut farmers and other stakeholders engaged in the production and processing of coconut-based products.