The Land Bank of the Philippines said its outstanding loans to the agriculture sector reached P236.8 billion as of the first quarter of the year.
Bulk of the amount equivalent to P146.62 billion financed small, medium and large agribusiness enterprises while P55.19 billion supported projects of local government units and government-owned and controlled corporations.
The remaining P35 billion was lent to small farmers and fishers, channeled through cooperatives and farmers’ associations, rural financial institutions and other partner conduits.
Landbank added the loans were used to finance various economic activities of major players in the industry for projects including but not limited to agriculture and aquaculture apart from infrastructure such as public markets, cold storages, irrigation systems, farm-to-market roads, warehouses and slaughterhouses.
“We continue to intensify our support to the agri sector, particularly the farmers and fishers whom we celebrate in this month of May. Landbank is committed (to) delivering timely and responsive support to boost their production and income,” said Cecilia Borromeo, bank president and chief executive officer, in a statement.
Landbank is the largest formal credit institution in the rural areas and ranks among the top commercial banks in the country in terms of deposits, assets and loans. Jed Macapagal
