Outstanding loans of the sugar industry to the Land Bank of the Philippines stood at P1.55 billion as of April.
Of the total disbursements, a cumulative release of P700.45 million in loans benefitted 4,366 individuals under the Socialized Credit Program-Sugarcane Industry Development Act (SCP-SIDA).
The bank said in partnership with the Sugar Regulatory Administration, SCP-SIDA has provided support to 2,577 borrowers, composed of 2,567 individual small farmers, four cooperatives, five associations and one micro, small and medium enterprise from 16 different provinces nationwide.
“Land Bank is committed to driving growth in all industries of the agricultural sector. This includes pushing for sustainability and increasing the production and income of sugarcane farmers and workers,” said Lynette Ortiz, the bank’s president and chief executive officer, in a statement.
SCP-SIDA aims to optimize the productivity of sugarcane farms by promoting advanced and cost-efficient farming practices as well as to enable farmers to invest in modern farming techniques.
The program also helps local producers to procure high-quality inputs and acquire necessary equipment for higher yields and improved crop quality.
