The Land Bank of the Philippines has expressed support for the passage of Republic Act No. 11954, which amends the Rice Tariffication Law (RTL) and extends the Rice Competitiveness Enhancement Fund (RCEF) for an additional seven years.
The extension aims to modernize the rice sector and enhance the resilience and productivity of Filipino rice farmers.
As a key implementer of the RCEF, LANDBANK works alongside the Department of Agriculture (DA) to provide credit assistance to individual farmers and cooperatives in major rice-producing provinces.
The bank offers low-interest loans with simplified processes, making it easier for farmers to access the financial support needed for agricultural growth.
Under the Expanded Rice Credit Assistance of the RCEF, LANDBANK has provided a total of P2.89 billion in loans from 2019 to 2024. These funds have been directed toward rice production, post-harvest activities, and farm machinery acquisitions.
The loans have benefited 17,767 individual rice farmers and 270 cooperatives, supporting more than 47,100 member-beneficiaries.
LANDBANK president and CEO Lynette V. Ortiz said the extension of the RCEF will help bolster food security and sustainability.
As of October 2024, LANDBANK has extended a total of P769.68 billion in loans to agriculture, fisheries, and rural development under Republic Act No. 11901, also known as the Agriculture, Fisheries and Rural Development Financing Enhancement Act. These investments account for 55.5% of LANDBANK’s total P1.387 trillion loan portfolio.
LANDBANK has supported 3.93 million small farmers and fishers nationwide, continuing its role as the largest credit provider to the agriculture sector.
