Land Bank of the Philippines surpassed its accomplishment targets in the agriculture sector in November last year, with an additional P1.44 billion in loans released during the month that brought the total credit extended to farmers, agribusiness enterprises and other beneficiaries to P231.67 billion.
Bank president and chief executive Cecilia Borromeo said the additional loans in November increased the accomplishment rate of the institution to 94.5 percent of its target of P245 billion in agricultural lending for 2020.
The loans extended in October reached P230.23 billion, or 94 percent of the goal for the year.
A report to Finance Secretary Carlos Dominguez III, who also chairs the bank board, showed that from 2,502,640 farmers and fishers assisted by the bank as of October, another 85,987 (representing a 3-percent increase) benefited from the credit package provided by the state lender in the form of soft loans, subsidies and training programs in November.
The 2,588,627 farmers and fisherfolk assisted by the bank as of November translated into a 129-percent accomplishment rate over the 2-million target for 2020 set by the bank.