An initial 10,000 farmers, fishers and agrarian reform beneficiaries (ARBs) stand to benefit from the AGRISENSO Plus Lending Program launched by the Land Bank of the Philippines on Nov. 22, 2024.
LandBank said that on collaboration with the Department of Agriculture (DA), the Department of Agrarian Reform (DAR) and various government and private partners, the enhanced initiative would provide expanded access to credit and support services.
“AGRISENSO Plus reflects LandBank’s commitment to providing holistic and meaningful support to the entire agriculture sector,” said LandBank president and chief executive Lynette Ortiz during the program’s launch at the Candaba Action Center in Barangay Mandasig, Candaba, Pampanga.
Ortiz said the program aims to enhance productivity, income and sustainability in agriculture while contributing to national food security.
The AGRISENSO Plus Program extends its scope to include small-scale fishers, micro, small, and medium enterprises (MSMEs) in the agricultural value chain and agriculture graduates within three years of graduation.
The program simplifies the loan application process by reducing documentary requirements and removing specific endorsements previously needed for irrigated area farmers.
Small farmers, fishers and ARBs can avail loans at a fixed 4 percent annual interest rate, while other borrowers enjoy competitive rates between 6.5 percent and 7.5 percent.
Agriculture graduates, cooperatives and enterprises lending to small farmers and fishers can now access concessional rates with a 0.5-percent discount.
The program also provides free life and credit life insurance for borrowers, as well as training and capacity-building programs to strengthen agricultural practices and business management skills.
Existing AGRISENSO borrowers will automatically transition to the upgraded program upon their next loan availment, ensuring they benefit from the enhanced features.
