LandBank loans to farmers hit P2.5B

📆 5/28/2024 4:45 PM
📰 TheManilaTimes

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STATE-RUN Land Bank of the Philippines (LandBank) has released P2.5 billion in loans to rice farmers and cooperatives as part of its effort to boost domestic production of the staple.

STATE-RUN Land Bank of the Philippines has released P2.5 billion in loans to rice farmers and cooperatives as part of its effort to boost domestic production of the staple.In a statement on Tuesday, LandBank President and Chief Executive Officer Lynette Ortiz said that they remain aggressive in extending financial support to rice farmers and cooperatives amid the impact of the El Niño weather phenomenon.

Under the ERCA-RCEF program, implemented in partnership with the Department of Agriculture, P500 million is allocated annually from 2019 to 2023. LandBank, meanwhile, ensures that loans are accessible to farmers and cooperatives through affordable interest rates and lesser documentary requirements.LandBank said that 98 percent of their direct borrowers are individual rice farmers.

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