State-run Land Bank of the Philippines said Tuesday it approved P17.8 billion in loans to 1,245 borrowers under the LandBank Sulong Saka Lending Program as of October 2022.
LandBank assistant vice president Edgardo Luzano announced the latest update during the 6th run of the LandBank AgriSenso virtual forums.
LandBank gathered farmers and stakeholders to discuss the national government’s program of interventions intended to boost the local production of plantation crops, as part of the bank’s commitment to serve the diverse requirements of the agriculture sector.
LandBank together with the Department of Agriculture’s Bureau of Plant Industry led the discussions on the available technical and credit assistance for farmers engaged in the production of plantation crops, such as banana, cacao, coffee, rubber and pineapple.
Luzano presented LandBank’s available credit programs to further strengthen support for the various industries of plantation crops.
Under the Sulong Saka Program, the bank offers to finance the production of high-value crops and other related projects, such as the establishment of nursery, budwood/mother plant/parent clone gardens, as well as the establishment of new plantations, and the replanting, rejuvenation and rehabilitation of old trees.
Individual small farm holders, small and medium enterprises, cooperatives, farmers associations and organizations, large agribusiness enterprises and corporations, local government units, non-government organizations and countryside financial institutions may avail of loans under the program.
LandBank is also offering the Rural Agro-enterprise Partnership for Inclusive Development and Growth or RAPID Growth Credit Facility, in partnership with the Department of Trade and Industry and funded by the International Fund for Agricultural Development.
The credit facility aims to provide strategic business development interventions and matching grants to support qualified Program beneficiaries endorsed by the DTI, including cooperatives, farmers’ associations and organizations, NGOs and micro, small and medium enterprises in selected provinces.
Loans availed under the facility can be used for production, including the development of new plantation, replanting, rejuvenation and rehabilitation of old trees; establishment of nursery gardens; post-harvest activities; processing or manufacturing, packaging and storing, as well as trading.
