MANILA -Land Bank of the Philippines (Landbank) said it extended loans to agriculture and rural development undertakings totaling P713.8 billion in the first semester of 2023, an increase of 177 percent from P257.7 billion in the same period a year ago.
“With a holistic approach covering all players in the value chain, we will continue to extend accessible and responsive financing to ramp-up agriculture modernization and productivity, paving the way for more resilient local communities,” Landbank president and CEO Lynette Ortiz said.
A significant portion of loans for agriculture, fisheries and rural development (AFRD) worth P244.1 billion ramped-up public rural infrastructure development, covering highways, streets, bridges, transport systems, irrigation, public markets, slaughterhouses, warehouses, solid waste management, flood control, drainage, and other essential infrastructure and development projects.
Some P167 billion backed sustainable projects benefiting both clients and society while reducing pressures on the environment. It also included green finance which funds climate change mitigation and adaptation projects, among others.
Of the total, P107.8 billion supported agriculture and fisheries production such as the processing of fisheries and agri-based products and farm inputs.
Agri-tourism projects obtained P78.5 million worth of funding, which involve attracting visitors and tourists to farm areas for production, educational and recreational purposes.
Another P70.4 billion backed the digitalization and automation of farming, fishery, and agri-business activities and processes, including related financial and management information systems.