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Sunday, March 3, 2024

LandBank releases P2.2 billion in loans to rice farmers

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Land Bank of the Philippines (LandBank) said it released about P2.2 billion in loans to 13,701 rice farmers and cooperatives from January to July 2023 through the Expanded Rice Credit Assistance under the Rice Competitiveness Enhancement Fund (ERCA-RCEF).

The bank said about P1.1 billion under ERCA-RCEF financed palay production of individual rice farmers listed under the Department of Agriculture’s (DA) Registry System for Basic Sectors in Agriculture (RSBSA), while P507.5 million was released for relending to farmer-members by cooperatives; P394.1 million for rice trading and milling; and P222 million for procurement of farm machineries and equipment.

“LandBank is doing its share to strengthen local rice production by providing accessible and responsive financial assistance to rice farmers. In partnership with the DA, the ERCA-RCEF program forms part of our commitment to advance the agriculture sector and empower Filipino farmers,” said LansBank president and CEO Lynette Ortiz.

The bank said of the 13,701 beneficiaries, 4,783 farmers came from Region 2, particularly the rice-producing provinces of Cagayan, Nueva Vizcaya and Quirino.

The bank also assisted 1,858 beneficiaries from Region 3; 1,463 from Region 6; 1,334 from Region 13; 1,323 from Region 4-B; and the rest from Regions 1, 4-A, 5, 7, 8, 9, 10, 11, 12, and the Cordillera Administrative Region (CAR).

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Implemented in partnership with the DA, the ERCA-RCEF is a credit facility which aims to boost the productivity and income of small rice farmers and their cooperatives, and cushion the initial impact of Republic Act No. 11203, also known as the Rice Tariffication Law (RTL).

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