Landbank loan portfolio grows by 13%
More News from Philippine Daily Inquirer
This, Landbank said, was due mainly to the rise in loans extended to its mandated and priority sectors—small farmers, fisherfolk, microenterprises and small- and medium-scale enterprises, which accounted for 76.3 percent of the bank’s total loan portfolio. Loans to these sectors expanded to P209.1 billion, 18 percent higher than the P176.7 billion recorded in the same period last year.
“We are more committed than ever to build on gains made as we further intensify our support to farmers, fisherfolk, and our other priority sectors in pursuit of our countryside development mandate,” said Landbank President and CEO Gilda E. Pico.
In the first quarter this year, loan releases to small farmers and fisherfolk amounted to P7.7 billion, up 6 percent from P7.3 billion a year ago. These loans were channeled through 477 farmers and fisherfolk cooperatives, 151 countryside financial institutions and 55 irrigators’ associations.
The number of small farmers and fisherfolk who benefited from the loans also increased by 20 percent to 160,990 from 134,707 in January to March 2012.
By agricultural activity, loans for crop production reached P2.8 billion in the first quarter while loans for livestock projects reached P740.7 million. Other economic activities financed by Landbank include agri-processing, livelihood, fishery and trading.
Regions with the highest loan releases to small farmers and fisherfolk in the first quarter were Central Visayas (P1.6 billion), Central Luzon (P1.5 billion) and Southern Mindanao (P1.1 billion).
Outstanding loans for agri-business, aqua-business and agri-aqua related projects of local government units and state owned corporations stood at P66.6 billion while loans to micro, small and medium enterprises reached P32.8 billion, 30 percent up from P25.2 billion a year ago.
Get Inquirer updates while on the go, add us on these apps:
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94