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Loans for over 2M farmers, fishers

Republika

Over two million small farmers and fishers (SFFs) nationwide were assisted by the Land Bank of the Philippines (LandBank).


As of end-September, Landbank assisted a total of 2,396,259 SFFs, exceeding its full-year target of 2 million and more than double the 1,032,982 cumulative number of SFFs supported in 2019.


About 1,630,602 — accounting for 68 percent of the total — were provided assistance through the bank’s regular loan offerings and lending programs jointly implemented with the Department of Agriculture (DA) and the Department of Agrarian Reform.


Also included were the 716,897 small farmers assisted through the Rice Farmers Financial Assistance and Financial Subsidy to Rice Farmers programs of the DA.


The remaining 48,760 farmers were supported through the Financial Literacy Training Program of the Landbank Countryside Development Foundation, Inc. conducted in unbanked municipalities nationwide.


“Three months before the end of 2020, Landbank already surpassed its year-end target of assisting 2 million small farmers and fishers nationwide.

This accomplishment attests to our continuing commitment that Landbank, together with the Department of Agriculture and the Department of Agrarian Reform, remains steadfast in its support to the agriculture sector,” Landbank president and chief executive officer Cecilia Borromeo said.

PHOTO: PNA


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