Quedancor loan releases reach P2B in first semester

The Quedan and Rural Credit Guarantee Corp. (Quedancor) generated a total of P2 billion in loans issued to 98,447 farmers, fisherfolk, traders and entrepreneurs from January to May this year.

Quedancor president and CEO Nelson C. Buenaflor said this can be attributed to a surge in loan releases for the month of May, which was recorded at P649 million. Buenaflor said this is so far the highest in a single month in the corporation’s 27-year history.

Buenaflor said the efforts exerted by Quedancor’s 14 regional and 63 district offices bore much fruit due to the decentralization scheme introduced by management early this year.

Livelihood projects account for the biggest share, covering P679.7 million or 33 percent of total loan releases, followed by livestock and poultry commodities such as hog and chicken which registered a loan generation of P548.7 million or 27 percent and then by rice and corn that accumulated a total of P337.7 million or 16 percent of total loan releases.

"All these assure that Quedancor is right on-track with its projected loan output of P5.7 billion for 2005," Buenaflor said, adding that there are several fund-sourcing agreements being undertaken by the corporation with groups coming from both the government and private sectors that will ensure the constant flow of financial resources and investments into Quedancor’s credit fund base.