Landbank agriculture loans reach P230 billion in Q1

MANILA, Philippines — Government-owned Landbank of the Philippines lent P229.7 billion to the agriculture sector as of the end of the first quarter.

Of the P229.70 billion in total outstanding loans to the agriculture sector, P36.27 billion benefitted small farmers and fishers, cooperatives and farmers’ associations, rural financial institutions and other conduits.

Landbank said small, medium, and large agribusiness enterprises were granted P143.11 billion in loans, while P50.32 billion was channeled to support agri-aqua related projects of local government units (LGUs), as well as those of government-owned and controlled corporations (GOCCs).

A total of 2.7 million farmers and fishers nationwide were assisted by Landbank as of end-March.

Landbank president and chief executive officer Cecilia Borromeo assured agriculture stakeholders of the bank’s continued efforts to address emerging challenges and issues faced by clients in accessing agricultural credit amid the COVID-19 pandemic.

“We welcome the issues raised and suggestions gathered from clients during the focus group discussions, and we commit to provide direct and time-bound solutions. Listening to the voice of the customer is high on our agenda as it helps us improve the delivery of our products and services,” Borromeo said during the culmination of Landbank’s online stakeholders consultation forum last week.

Last month, Landbank launched its online stakeholder’s consultation forum as a venue for knowledge sharing on concrete actions to help the bank improve the accessibility of its lending products and services, especially under the new normal.

“Online survey and focus group discussions were conducted to gain insights and suggestions from farmers and fishers, agri-input suppliers, aggregators and traders, processors and wholesalers and exporters,” Landbank said.

As part of its offerings to the agriculture sector, Landbank is doubling the available loan facility to support local hog producers and feed millers to P30 billion to finance stock repopulation and feed milling operations of stakeholders reeling from the adverse impact of the African swine fever.

The funds will be available through the Landbank SWINE (Special Window and Interim Support to Nurture Hog Enterprises) Lending Program for commercial hog raisers registered as cooperatives or farmers’ associations, small and medium enterprises (SMEs) and large enterprises or corporations.