Landbank outstanding loans for agri hit P271.8B in Q1

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The Land Bank of the Philippines (Landbank) recorded a 14.8 percent growth in its total outstanding loans to the agriculture sector for the first quarter of the year at P271.8 billion compared to the P236.8 billion for the same period last year.

Of the bank’s agri loans, P42.3 billion directly benefitted small farmers and fishers,including those which were channeled through cooperatives and farmers’associations, rural financial institutions and other conduits.

“Landbank continues to provide accessible financing for small farmers and fishers,as well as the whole agri-value chain. We are fully committed to supporting the national government’s efforts to ensure food security towards advancing growththat is sustainable and inclusive,” said Cecilia Borromeo, Landbank president and chief executive officer.

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As support to other agri-value chain players, Landbank also extended P181.2 billion to finance the requirements of small, medium and large agribusinesses as the remaining P48.3 billion were for agri and aqua related projects of local government units and government-owned and controlled corporations.

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