Landbank loans to agri hit P248B in 2021

- Advertisement -

The Land Bank of the Philippines said its outstanding loans to the agriculture sector reached P247.85 billion as of end-2021, a 4.31 percent increase from end-2020’s P237.62 billion.

In a statement, the bank said P38.83 billion of the amount directly benefitted small farmers and fishers including those which were channeled through cooperatives and farmers’ associations, rural financial institutions and other conduits.

Meanwhile, P155.66 billion supported small, medium and large agribusiness enterprises with the remaining P53.36 billion helped agri-aqua related projects of local government units and government-owned and controlled corporations.

- Advertisement -

Land Bank said more than 3.2 million farmers and fishers nationwide have received assistance through loans, subsidies and training programs, 7 percent higher than its target to assist three million individuals by end-2021.

Of the total farmers and fishers assisted, 2.32 million or 72 percent were supported through the bank’s regular loan programs, including lending programs administered for the Department of Agriculture and the Department of Agrarian Reform. – Jed Macapagal

Author

- Advertisement -

Share post: