Landbank lends P63 billion to farm sector in 2017

MANILA, Philippines — The Land Bank of the Philippines has extended P63 billion in loans to farmers and fisherfolks last year.

Nearly 840,000 small farmers, fisher folks, and associations benefited from it.

Among Landbank’s major programs is the Sikat Saka, which provides direct credit to small palay and corn farmers who are members of irrigators associations and endorsed by farmers organizations.

The program offers integrated support services to the farmer beneficiaries in terms of free irrigation services, market support, and crop insurance subsidy, which improves the viability of palay and corn projects.

Another financing window is the Agriculture and Fisheries Financing Program (AFFP) designed for non-agrarian reform beneficiaries (ARBs), small farmers and fishers in selected provinces in the country.

The credit facility provides agricultural loans to marginalized farmers and fishers who are registered in the DA’s registry system for basic sectors in agriculture.

The program aims to increase the productive capacity of small farmers and fishers in the priority provinces, raise their income, and contribute to the attainment of food self-sufficiency.

On the other hand, the Empowering Barangays in Remote Areas through Credit and Enterprise (EMBRACE) program aims to address the financing needs of those in unserved areas across the country.

Landbank said the program has more relaxed features and requirements, and lower interest rates for farmers to engage in projects like agricultural crop, livestock, and fishery production, as well as agri-enterprise and other livelihood activities.

Apart from loans, Landbank said it is expanding its direct lending to those who are not members of accredited cooperatives and farmer organizations and are unable to access loans from formal lending institutions on their own.

“We remain on the lookout for new programs and services to further expand our reach and provide greater financial and technical support to farmers and fishers across the country,” it added.