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April 19, 2024

Landbank lends P237B to agri sector in Q1

State-run Land Bank of the Philippines headed by bankero Cecilia Borromeo remains the biggest lender to the agriculture sector, with loans reaching P236.8 billion in the first quarter of the year.

“We continue to intensify our support to the agri sector, particularly the farmers and fishers whom we celebrate in this month of May. LANDBANK is committed in delivering timely and responsive support to boost their production and income,” the bankero said.

The loans were used to finance various economic activities of major players in the industry—from small farmers and fishers to large agribusiness enterprises, as well as local government units (LGUs) and government-owned and controlled corporations (GOCCs) for agri-aqua related projects and construction of needed infrastructure such as public markets, cold storages, irrigation systems, farm-to-market roads, warehouses, and slaughterhouses.

Small farmers and fishers benefited from the P35 billion loans channeled through cooperatives and farmers’ associations, rural financial institutions and other partner conduits of Landbank.

Financing for small, medium, and large agribusiness enterprises accounted for P146.62 billion of the total loans, P55.19 billion supported LGUs and GOCCs, and the remaining P99.64 billion backed the construction and improvement of essential infrastructure.

In terms of economic activities, P56.39 billion of Landbank’s total agri sector loans financed crops, livestock, and fisheries, while P80.83 billion was channeled to agri-processing and trading.

As part of its intensified support to the agriculture sector, Landbank continues to implement regular loan offerings alongside lending programs in partnership with the Department of Agriculture (DA) and the Department of Agrarian Reform (DAR).

Landbank released P12.51 billion under the programs administered for DA as of end March, while cumulative loan releases under DAR’s Credit Assistance Program for Program Beneficiaries Development (CAP-PBD) has reached P700 million.