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June 23, 2024

LandBank unveils 2024 goals

Land Bank of the Philippines is setting its sights on an ambitious goal for 2024, aiming to increase its loans for agriculture and rural development to P825 billion.

The projection underscores the bank’s ongoing commitment to bolstering the agricultural sector and enhancing rural infrastructure, in line with its mission to drive inclusive and sustainable development across the country.

LandBank disbursed P755.1 billion in loans in the fourth quarter of 2023 to various segments of the agricultural value chain, marking a substantial 23% increase from P614.8 billion in the previous quarter. This aligns with the objectives of Republic Act No. 11901, or “The Agriculture, Fisheries and Rural Development Financing Enhancement Act of 2022,” which focuses on promoting agriculture and fisheries production, sustainable projects, and the development of public rural infrastructure.

LandBank president and CEO Lynette V. Ortiz highlighted the bank’s role in national development. “As LandBank’s role in nation-building continues to grow, so does our dedication to advancing development in the countryside. By providing accessible financing and support, we empower communities, enhance lives, and contribute to the government’s goals for inclusive and sustainable development,” she said.

The bank’s 2023 investments in the countryside development represented 51 percent of its total loan portfolio. A significant portion of these funds, P255.2 billion, was directed towards rural infrastructure projects, such as public markets, highways, and transportation systems.

About P186.3 billion supported sustainable projects aimed at mitigating climate change and promoting responsible resource management.

LandBank also allocated substantial funds to support the processing of fisheries and agri-based products, farm inputs, and efforts towards modernizing farming practices and business processes. These include P118.1 billion for agriculture and fisheries production, P70 billion for modernization, P61.6 billion for off-farm and fishery entrepreneurship, and P43.4 billion for projects promoting the health and wellness of agricultural workers and beneficiaries.

With a comprehensive approach covering marketing, processing, distribution, logistics, storage, and more, LandBank’s financing endeavors embrace the entire agricultural value chain. As it moves towards its P825-billion goal for 2024, bank reaffirms its pivotal role in supporting the growing requirements for public rural infrastructure and sustainable green projects, solidifying its contribution to the bank’s mandated and other priority sectors.