MANILA, Philippines—Loans extended by the Land Bank of the Philippines to its so-called priority sectors increased during the first quarter as the government financial institution ramped up its lending efforts to its constituents.
In a press statement, Landbank said that loans to its priority sectors reached P160.8 billion as of end-March.
That was 22.8 percent, or P29.9 billion higher than the P130.9 billion recorded in the same period last year.
Loans to priority sectors now constitute 68 percent of the bank’s total regular loan portfolio of P236.6 billion.
The priority sectors of Landbank are the small farmers and fisherfolk, micro and small and medium enterprises, livelihood, agribusiness, agri-infrastructure, agri-related projects, environment-related projects, socialized housing, schools and hospitals.
“The sustained improvement in the bank’s loan portfolio for its priority sectors attests to our commitment to intensify support to key players and partners in countryside development,” Landbank president and CEO Gilda Pico said.
“The expansion in loans is indicative of the bank’s wider credit outreach and the improvement in rural economic conditions,” she said.
Outstanding loans to small farmers and fisherfolk grew to P21.3 billion as of the first quarter from P16.9 billion last year.
Loan for agribusiness likewise increased to P23.4 billion from P20.1 billion.