MANILA, (PNA) — The Land Bank of the Philippines further intensified its support to its priority sectors, with loans amounting to P206.2 billion as of June 2013, a 16 percent increase from P177.2 billion of the same period last year. This amount represents 75.3 percent of the Bank’s total loan portfolio of P273.7 billion.
The increase was primarily due to higher loans to small farmers and fisherfolk, socialized, low-cost, and medium-cost housing, micro-enterprises and SMEs, and environment-related projects, including clean and renewable energy.
“We are committed to aggressively expand our financial and technical support to better serve our priority sectors and all those who need it most. This is in line with our countryside development mandate and in support of the government’s thrust towards inclusive growth,” said Landbank President and CEO Gilda E. Pico.
The priority sectors of Landbank include small farmers and fisherfolk and their associations, agri- and aqua-businesses, agri-aqua related projects of LGUs and government-owned and controlled corporations, small and medium enterprises, communication, transportation, housing, education, healthcare, environment-related projects and tourism.
Outstanding loans to small farmers and fisherfolk reached P23.8 billion as of 30 June 2013. From January to June, loan releases reached P18.3 billion, benefiting more than 400,000 small farmers and fisherfolk nationwide.
Loans to micro enterprises and SMEs grew by a hefty 30 percent from P26.7 billion in June 2012, to P34.7 billion while loans to socialized, low-cost, and medium-cost housing reached P23.5 billion.
Landbank likewise remains aggressive in extending support to agri-aqua related projects of LGUs and GOCCs, with loans reaching P46.3 billion as of June this year.
It continues to play a major role in some of the national government’s priority and development programs.
In support of the Food Supply Chain Program, Landbank released a total of P4 billion in loans to 88 anchor firms and 184 cooperatives, NGO and SME producers in the first semester of 2013.
This brings to P22.3 billion its total loan releases under the program, which is aimed at promoting food security and increasing agricultural productivity and income of farmers by providing financial and technical support along the value-added chain of a commodity or industry.
Under the Department of Agriculture’s Sikat Saka Program, the Bank released P85.1 million in loans, benefiting more than 1,600 palay farmers in major rice-producing provinces of the country.
The Sikat Saka Program makes available direct access to credit for palay production of small farmers who are not yet members of Landbank-assisted cooperatives.
Landbank also remains aggressive in its support for the Overseas Workers Welfare Administration’s OFW Reintegration Program, wherein it finances projects of qualified overseas Filipinos so they can start their own businesses and engage in livelihood activities.
The Bank has so far approved P544.3 million in loans to 757 OFW borrowers for businesses in palay and rice trading, hog raising and fattening, agri-vet and poultry supplies, and general merchandise, among others.
As the disbursement bank for the Department of Social Welfare and Development’s Pantawid Pamilyang Pilipino Program, Landbank disbursed P20.8 billion to more than 3.9 million households nationwide from January to June this year.