Thursday, May 28, 2009
LandBank loans to priority sectors up 34%
Lending by Land Bank of the Philippines (LandBank) to priority sectors grew 34 percent to P124.7 billion in the first three months of the year.
In a press conference in Quezon City yesterday, LandBank said the amount of loans it released to the farm and fisheries sector accounted for 67.4 percent of its regular loan portfolio of P185.1 billion for the first quarter of 2009.
“We have further intensified our credit assistance to priority sectors to cushion the impact of the global slowdown to local economies and to sustain our existing rural development initiatives and assistance programs,” said LandBank president and chief executive officer Gilda Pico.
LandBank’s priority sectors are small farmers and fisherfolks, microenterprises and small and medium enterprises (SMEs), livelihood projects, agribusiness, agri-infrastructure, and other agri- and environment-related projects.
Pico noted that LandBank’s agribusiness loans grew from P13.2 billion to P21.1 billion, and loans for environment-related projects from P10.6 billion to P15.9 billion.
Loans for agri-infrastructure projects of local government units also went up by P3.2 billion to P21 billion, from P17.8 billion a year earlier.
The bank’s loan releases to small farmers and fisherfolks reached P5 billion during the first three months of the year, or 56 percent more than the P3.2 billion it released a year earlier.
Bank officials said credit assistance was channeled through 542 cooperatives and 256 countryside financial institutions. The assistance benefited more than 85,000 small farmers and fisherfolks across the country.
Of P5 billion released, P2.6 billion went to crop production and P1.4 billion to marketing activities of borrowers. Meanwhile, P706 million were released for livestock production and P160 million for various fishery activities.
LandBank figures show that of P2.6 billion released for crop production, the palay sector accounted for the bulk of P2 billion.
By Business Mirror
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