State-owned Land Bank of the Philippines said Monday it released P755.1 billion to the country’s agricultural chain, representing 51 percent of the bank’s total loan portfolio in 2023.
“As LandBank’s role in nation-building continues to expand, our commitment to advancing countryside development has remained steadfast. Through accessible financing and support interventions, we are empowering communities and enriching lives, while boosting the national government’s inclusive and sustainable development agenda,” said LandBank president and chief executive Lynette V. Ortiz.
The bank said it expanded its loans to agriculture and rural development by 23 percent from P614.8 billion in the third quarter, driven by strategic financing for agriculture and fisheries production, sustainable projects and public rural infrastructure under Republic Act No. 11901, otherwise known as “The Agriculture, Fisheries and Rural Development Financing Enhancement Act of 2022.”
It said a substantial portion of LandBank’s P255.2 billion financing for agriculture, fisheries and rural development (AFRD) supported rural infrastructure projects such as public markets, highways and transport systems.
Another P186.3 billion funded sustainable projects designed to mitigate climate change and promote responsible resource management.
LandBank said it provided P118.1 billion for the processing of fisheries and agri-based products and farm inputs while P70 was allotted for modernizing farming practices and business processes.