Sugar sector gets P1.55B in Landbank loans
MANILA -Land Bank of the Philippines (Landbank) has extended P1.55 billion in loans to the sugar sector as of April this year, reflecting the state-run bank’s continued support for the industry.
Of the total, P700.45 million in loans carrying a low interest rate of 2 percent a year was released to 4,366 individuals under the Socialized Credit Program-Sugarcane Industry Development Act (SCP-SIDA).
The SCP-SIDA, a partnership between Landbank and the Sugar Regulatory Administration (SRA), aims to maximize the productivity of sugarcane farms.
The initiative enables farmers to invest in modern farming techniques, buy high-quality inputs and acquire the equipment necessary to increase yields and improve crop quality.
So far, SCP-SIDA has supported 2,577 borrowers—2,567 individual small farmers, four cooperatives, five associations and one micro, small and medium enterprise from 16 provinces nationwide.
“Landbank is committed to driving growth in all industries of the agricultural sector. This includes pushing for sustainability and increasing the production and income of sugarcane farmers and workers,” said Landbank president and CEO Lynette Ortiz in a statement.
Dampe Palay and Sugarcane Producers Cooperative chair Rodolfo Medina echoed the positive impact of this project on them as this allowed the Pampanga-based cooperative to buy a tractor, combine harvester and a 10-wheeler truck.
“Thanks to SCP-SIDA, our cooperative has experienced remarkable growth, and our members’ livelihoods have significantly improved. We are immensely grateful to Landbank and SRA for their unwavering support and commitment to the sugarcane industry,” added Medina. INQ