State-run Land Bank of the Philippines led by bankero Cecilia Borromeo has extended close to P317 billion in loans to small farmers, fishermen, and local government units (LGUs).
After unveiling a new brand promise of ‘Serving the Nation,’ the government owned bank vowed to intensify its support to the country’s agriculture sector alongside serving the requirements of key development industries.
“Through the years, Landbank has fully transformed into a development-oriented institution. Aside from being the biggest credit provider to the agri sector, Landbank is serving as a vital partner of the national government in advancing its inclusive development agenda,” the bankero said.
Landbank’s agricultural loans reached P247.85 billion assisting over 3.2 million small farmers and fishers nationwide through regular loan programs, including special lending programs administered for the Department of Agriculture (DA) and the Department of Agrarian Reform (DAR).
It also extended P68.9 billion in outstanding loans to LGUs largely for agri-aqua projects, transportation, and healthcare initiatives.
The government bank’s financial support over the years have resulted in the delivery of various basic services and infrastructure facilities across the country, including the construction and improvement of 23,825 kilometers of farm-to-market roads, 239 hospital buildings, 20,153 hospital beds, 788 school buildings, 6,146 classrooms, and access to potable water for more than 2 million households.
In partnership with different government agencies, Landbank also serves as the main distribution arm for the government’s social amelioration programs to vulnerable sectors severely affected by the COVID-19 pandemic, including the regular distribution of financial aid under the social protection programs of the Department of Social Welfare and Development (DSWD).
It is also closely working with the Department of Transportation (DOTr) and the Land Transportation Franchising and Regulatory Board (LTFRB) for various transportation modernization initiatives, including the immediate delivery of P6,500 fuel subsidy to public utility vehicle drivers challenged by the sudden rise in fuel prices under the fuel subsidy program.