Land Bank of the Philippines said it had funneled over P9.1 billion in loans to farmers and fisherfolk in the last seven years in support of the government’s aggressive drive to increase their access to financing.
The development came after President Duterte threatened to abolish the bank for failing to finance a significant number of agricultural enterprises, which he said the state-run firm was for.
In a media release, Landbank said it was able to provide direct credit and integrated support services to more than 17,000 palay and corn farmers during the period through its Sagip Saka program with the Department of Agriculture.
“We have been working aggressively with the Department of Agriculture on programs that provide our small farmers with direct access to credit, as we relentlessly work towards increasing their productivity and income,” Landbank president and CEO Cecilia Borromeo said.
Since the program was established in 2012, the bank was able to grant loans to small farmers in 45 major rice-producing provinces and 11 corn-producing provinces in the country.
It also said it offered integrated support such as irrigation, training, market, extension and administrative services. Beneficiaries were likewise trained on credit discipline and financial management.
Landbank was to submit a plan for agricultural development, specifically geared toward small-holder farmers, to the Office of the President by the end of July.