A total of P230.23 billion in loans were extended by the Land Bank of the Philippines (Landbank) to the agriculture sector as of October this year.
The figure makes up 94 percent of the bank’s target of P245 billion for 2020.
A report to Finance Secretary Carlos Dominguez III also showed that over 2.5 million farmers and fishers have benefited from assistance in the form of soft loans, subsidies and training programs provided by Landbank to them as of end-October, representing a 125-percent accomplishment rate over the 2-million target for the year set by the state lender.
Of the loan releases of P230.23 billion, about two-thirds or P145.86 billion went to small, medium and large agribusinesses enterprises, while the remaining third or PHP35.66 billion went to small farmers, fisherfolk and the agri-aqua related projects of local government units (LGUs) and government-owned and controlled corporations (GOCCs) (PHP48.71 billion), Landbank president-chief executive officer Cecilia Borromeo said.
Small farmers and fishers borrowed a total of P1.36 billion through direct lending, while loans to conduits such as cooperatives and farmers’ associations, rural financial institutions and other lending mechanisms amounted to P34.3 billion, Borromeo said.