Quedancor lends P3.8B in 9 months

The Quedan and Rural Credit Guarantee Corp. (Quedancor) loaned out a total of P3.8 billion to 695,996 beneficiaries from January to September this year, Quedancor president and CEO Nelson C. Buenaflor said.

According Buenaflor, the grains sector got the biggest share of loan releases with P862.8 million, benefiting 273,825 farmers and growers who are engaged in growing and production of hybrid and inbred rice as well as hybrid corn.

The livestock and poultry sectors received P519.2 million in loans for 16,831 individuals and entrepreneurs. The fisheries sector received P67.7 million worth of loans that benefited 2,078 individuals engaged in aquaculture, seaweed farming and bangus; tilapia, lobster, oyster and grouper (lapu-lapu) cultivation.

Funding for high value crops reached P17.1 million that went to 42 growers of oil palm, banana, mango, cassava, soybean, cotton, coconut and pineapple. The remaining P2.3 billion was used to finance other agri-fishery projects under Quendancor’s credit and guarantee programs.

On a regional basis, Western Visayas (Region VI) released the biggest volume of loans worth P541.4 million for 20,046 beneficiaries. Coming in second in loan generation was the Ilocos region (Region I) with P424 million loan releases to 56,595 beneficiaries. The CARAGA region came in third with total releases amounting to P382.4 million benefiting 102,194 individuals.