Philippines’ LandBank releases P3.02 billion in loans to agri sector

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To help farmers and fishers boost productivity, the Land Bank of the Philippines (Landbank) released a total of P3.02 billion in loans for the purchase of farm inputs and equipment, acquisition of machinery and facilities for agri-based production and post-production, as well as processing.

The state-owned bank said that it extended P2.5 billion in loans to over 19,000 eligible borrowers, including small farmers and fishers (SFFs), micro and small enterprises (MSEs), farmers and fisherfolk cooperatives and associations, as of June 30 under the ACEF (Agricultural Competitiveness Enhancement Fund) Lending Program.

It is worth mentioning here that the bank is one of the implementing agencies for the P1-billion RCEF (Rice Competitiveness Enhancement Fund) allocation for credit.