March 21, 2023

Landbank lending to fisheries reaches P2.8 billion

LBP said its outstanding loans to the fisheries sector has reached P2.8 billion.

Landbank announced that ts loans to the fisheries sector hit P2.8 billion at the end of November, in line with its target of increasing its lending programs designed to boost fisheries production.

Its lending programs include a sustainable aquaculture lending initiative, which finances fishers’ associations, cooperatives or federations, large agribusiness enterprises, non-government organizations (NGOs), micro, small and medium enterprises (MSMEs), and countryside financial institutions (CFIs).

The initiative can also be used to fund nursery, breeding, hatchery, seaweed farming, production, culture, processing, trading, and other such activities. LBP’s initiatives are anchored on institutional buyers or processing and canning companies associated with fishers’ cooperatives associations or MSMEs as growers or suppliers.