Latest Stories

IFC, CARD bank unveil agri-finance program


International Finance Corp. (IFC), the World Bank’s private sector investment arm, seeks to help perk up farmers and small agribusinesses in the Philippines through a partnership with thrift bank CARD SME Bank.

IFC and CARD SME signed a cooperation agreement to expand agricultural lending, to help improve farmers’ and small agribusinesses’ incomes and enable them to benefit from the Philippines’ economic growth.

“CARD SME Bank, the first Philippine bank to be tapped for IFC’s agri-finance program, sees great opportunities to help increase the incomes of farmers and agribusinesses,” said bank chair Jaime Aristotle Alip in a statement.

“The bank will be working to increase farmers’ access to credit and improve investments in the underserved agriculture sector,” he added.

“The partnership would allow agribusiness players, especially farmers, to grow their businesses and pursue other opportunities that would normally be beyond their reach,” said IFC resident representative Jesse Ang. “They can have better access to resources and agricultural inputs, which will improve their productivity and profitability, and increase their participation in the country’s economic development.”

IFC advised CARD SME Bank on expanding lending to micro, small and medium enterprises. In the first five months of 2013, the bank served more than 134,000 smaller businesses and disbursed loans exceeding P884 million.

Agriculture accounts for 36 percent of the country’s total employment and 11 percent of its gross domestic product, but farmers and agribusinesses received 4.65 percent of total lending by banks as of 2012, underscoring a need to improve access to credit for the agricultural sector. Poverty among farmers and fishermen is three times higher than that in other sectors.

The farm sector’s growth slowed to 2.9 percent in 2012 from 4.9 percent in 2007, thus highlighting the need for an agri-financing program.

IFC’s agri-finance program is supported by the Canadian government.

Based on its website, CARD SME Bank has P911 million in assets. It has a repayment rate of 99.2 percent on its lending program and a return on equity of 13.7 percent.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Agriculture , Banking , Business , CARD SME Bank , economy , International Finance Corp. , News

Copyright © 2014, .
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


  • $57-B mega plan to solve Metro’s mega woes
  • Aquino vows to step up fight against corruption
  • Santiago scoffs at rushing defense pact for Obama visit
  • Former solon, 2 others sanctioned for unfair labor practice
  • Let us pray for the nation, healing priest asks leaders
  • Sports

  • Grueling 2014 Le Tour de Filipinas hits road
  • ICTSI Tour big hitters have edge at Sherwood
  • What Manny Pacquiao and Floyd Mayweather could do
  • PH Am match play golf under way at Orchard
  • Road Warriors target win No. 6 vs Oilers
  • Lifestyle

  • Transitions and resurrection in the performing arts
  • ‘Archaeology tour’ of Cebu’s heritage of faith
  • Historic Fort Bonifacio tunnel converted into a septic tank
  • ‘Imports’ from London, and play of the year
  • Korean animation comes of age
  • Entertainment

  • Easter musings
  • Solenn in shorts
  • Unmerry mix of attention-calling moves on ‘Mini-Me’ TV tilts
  • Persistence pays off for The 1975
  • Special section in LA fest for Filipino films
  • Business

  • BDO seen keen on bidding for Cocobank
  • Bataan freeport investment pledges up 1,302%
  • Golden Week
  • Bourse to woo Cebu stock mart investors
  • Supper power
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Gigi’s home
  • Palace stonewalls on MRT inquiry
  • Couple of things too
  • There is plenty of water behind Wawa Dam
  • Triduum thoughts of a young boy
  • Global Nation

  • Search for Etihad passengers launched
  • Japan presents $57-B ‘dream plan’ to solve Metro congestion
  • Tim Tebow’s charity hospital in Davao seen to open in 7 months
  • OFW died of Mers-CoV in Saudi Arabia, says family
  • Aquino, Obama to tackle US pivot to Asia during state visit
  • Marketplace