Land Bank of the Philippines extended P261.7 billion in loans to the beleaguered agriculture sector in 2022, 5.5 percent more than the loans granted the previous year, as part of the state-run financial institution’s efforts to help more food producers.
Small, medium and large agribusiness enterprises cornered the bulk of the loans at P166.8 billion, followed by agri-aqua-related projects of local government units and government-owned and controlled corporations with P48.3 billion.
In terms of economic activities, agri-processing and trading took the lion’s share of the loans at P107.4 billion. “We remain committed to delivering timely and accessible credit to boost economic activities in the countryside and the country’s overall food production,” said Landbank president and CEO Cecilia Cayosa Borromeo.
As of end-December 2022, the state bank’s cumulative loan releases under the programs jointly implemented with DA have reached P15.3 billion to support over 252,000 borrowers.Likewise, it released P751.7 million to 229 agrarian reform beneficiaries’ organizations under its joint programs with DAR.
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