 | Landbank loans to agriculture sector hit P238 billion as of July 2019 |
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(Rappler )7:00 PM, September 20, 2019
MANILA, Philippines – Total loans of the Land Bank of the Philippines (Landbank) to the agriculture sector grew by 8% in July, bringing total loans for the first 7 months to P238.11 billion, the bank said on Friday, September 20.
Small farmers and fishers got a total of P44.9 billion in outstanding loans, 6% higher than the P42.3 billion in June.
A total of 895,441 farmers and fishers were assisted by Landbank as of July.
Loans to other players in the agribusiness value chain stood at P193.2 billion. Of the amount, P140.1 billion was lent to small, medium, and large agribusiness enterprises, while P53.1 billion financed agricultural and aquatic-related projects of local government units and government-owned and controlled corporations.
Central Luzon and Calabarzon got the highest share of outstanding loans at P31.2 billion and P21.9 billion, respectively.
By agricultural activity, loans for crop production reached P18.9 billion, where 42% of the total amount went to palay production.
Loans for agricultural processing and trading, meanwhile, stood at P109.3 billion.
Loans for public markets, farm-to-market roads, warehouses, cold storages, and other related projects reached P77.7 billion as of end-July.
"As we aggressively expand direct credit to small farmers and fishers, we continue to provide credit support to various players across the entire agricultural value chain – from crop or livestock production, fisheries, to agri-processing and trading, including various support services and infrastructure projects – which allows us to further widen Landbank's impact on the agriculture sector," said Landbank president and chief executive officer Cecilia Borromeo. – Rappler.com
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