The lending to agriculture in the country went up by 7.4 percent versus the same period year ago.
Bank lending to agriculture through mandated credit stood at P847.95 billion as of end-June 2022, higher by 7.4 percent compared to same period last year of P789.66 billion, the BSP reported. The amount, however, is less than the mandated credit allotted as agricultural loans in the now amended Agri-Agra law. Previously, banks are required to set aside 25 percent of their loan portfolios for purposes related to agriculture and fisheries. Of which, ten percent should be allotted to agrarian reform-related loans and the other 15 percent is for farming-related endeavors.