LBP loans to priority sectors hit P161B

Land Bank of the Philippines said it had extended P160.7 billion in loans to priority sectors as of June 2011.

This is about 14 percent higher than the P141 billion recorded in the same period last year.

Landbank loans to its priority sectors accounted for 67.5 percent of its total regular loan portfolio of P237.9 billion.

The bank’s priority sectors include small farmers and fisherfolk, microenterprises and small and medium enterprises, livelihood, agri-business, agri-infrastructure projects of local government units, agri- and environment-related projects, socialized housing, schools and hospitals.

Outstanding loans to small farmers and fisherfolk reached P21.6 billion, or 24 percent more than the P17.4 billion last year.

“We are focusing our efforts toward fulfilling our mandate to serve the farmers and fisherfolk and other priority sectors, which we consider as key players in countryside development,” said Landbank president and CEO Gilda E. Pico.

From January to June this year, loan releases to the small farmers and fisherfolk sector soared 33 percent to P14.1 billion from P10.6 billion in the same period last year.

More than 351,000 small farmers and fisherfolk nationwide benefited from this credit assistance.