THE Land Bank of the Philippines announced over the weekend that the state-run lender’s outstanding loan to the agriculture sector has reached P271.8 billion as of end of March. The lender said through a statement this figure reflects a 14.8-percent year-on-year growth from P236.8 billion recorded in the same period in 2022.
The remaining P48.3 billion in loans backed agri- and aqua-related projects of local government units and government-owned and controlled corporations . In support of the National Government’s thrust to boost palay production and ensure sufficient rice supply in the country, the bank continues to ramp up its lending activities to rice farmers and other rice industry stakeholders.
The LBP, likewise, continues to provide responsive credit assistance to the coconut sector with outstanding loans amounting to P643 million, benefitting coconut farmers and other stakeholders engaged in the production and processing of coconut-based products.