The Land Bank of the Philippines said its total outstanding loans to agriculture and rural development stood at P713.8 billion in the first half of the year.
The figure is a 177- percent jump from P257.7 billion in the same period in 2022.
The amount is 69 percent of Landbank’s total loan portfolio of P1.04 trillion, more than the 25 percent requirement for local banks to allocate financing for agriculture, fisheries and rural development (AFRD).
Landbank said a significant portion of the AFRD loans totaling P244.1 billion has been used to ramp up public rural infrastructure development covering highways, streets, bridges, transport systems, irrigation, public markets, slaughterhouses, warehouses, solid waste management, flood control, drainage and other essential infrastructure and development projects.
Meanwhile, P167 billion has been allotted for sustainable projects.
Landbank added P107.8 billion is dedicated to agriculture and fisheries production, which includes funding for the processing of fisheries and agri-based products and farm inputs.
Meanwhile, P70.4 billion has been channeled for the digitalization and automation of farming, fishery and agri-business activities and processes, including related financial and management information systems while P78.5 million has been allotted for agri-tourism projects to attract visitors and tourists to farm areas for production, educational and recreational purposes.
The rest of the Landbank AFRD financing supported farm and fishery entrepreneurial activities; agricultural mechanization; agricultural and fishery commodities; essential facilities, equipment and machineries; capacity-building activities; and projects that promote the health and wellness of farmers, fishers and Agrarian Reform Beneficiaries, including members of their households.
