Land Bank of the Philippines has shifted to high gear its initiative to assist Nueva Ecija farmers to attain self-reliance and sustainability with the grant of a P1-billion loan.
The loan is “substantially bigger” than the initial release of P120,000 as seed money for the 1,500-strong Nagkakaisang Magsasaka Agricultural Primary Multi-Purpose Cooperative (PMPC) several years ago.
The PMPC earmarked the new funds for relending to its members engaged in rice farming and other agriculture-based activities such as milling and drying as well as purchase of farm machineries and fertilizers. Of the P1 billion, P112 million was allocated to expand an onion cold storage to a capacity of up to 60,000 bags.
PMPC’s membership covered the municipalities of Bongabon, Guimba, Gabaldon, Llanera and Talavera.
“We look forward to partnering with more agri cooperatives towards increasing productivity and ensuring food security in the country,” LandBank president and CEO Lynette Ortiz said.