The Land Bank of the Philippines said its lending to the agricultural sector now stood at P257.7 billion in the first half of the year.
The bank said the amount equates to a 15.5% increase over total outstanding loans in the same period a year ago for the sector at around 223 billion pesos.
Of the total outstanding loans of P257.7 billion, P37.5 billion benefited small-scale farmers and fishers, including those channeled through cooperatives and farmer associations, d ‘rural financial institutions and other channels.
A total of 163.1 billion pesos supported small, medium and large agribusinesses, while the remaining 57 billion pesos supported agro-aqua related projects of local government units and corporations owned and controlled by the state.
The loans were used to finance various economic activities, including P56.7 billion for livestock, crop and fishery production and P122.2 billion for agro-processing and trading of rice, maize and rice. sugar cane, among others.
A total of 78.8 billion pesos has also supported the construction and improvement of essential agricultural infrastructure such as public markets, farm-to-market roads, warehouses, cold stores, irrigation systems and slaughterhouses.
In the first six months of the year, Land Bank said it had also helped build and improve 138 kilometers of roads leading from farms to markets, which is among the administration’s priorities. current for the agricultural sector.
“Land Bank is ready to extend accessible credit to all actors in agriculture to boost the country’s food production and supply. We will continue to scale up our lending activities to fully support the new administration’s agricultural modernization agenda,” Cecilia Borromeo, the bank’s president and CEO, said in a statement.
The bank said it had helped more than 3.3 million farmers and fishermen nationwide, of whom 566,462 or 17 percent were from the country’s 20 poorest provinces.
The main provinces with the highest number of beneficiaries are Nueva Ecija, Maguindanao, Bohol, Pangasinan, Cotabato, Isabela, Cagayan, Leyte, Ilocos Sur and South Cotabato.