The Land Bank of the Philippines (LANDBANK) had so far released more than 13 billion pesos in loans and cash grants to nearly one million farmers and fishermen for this year, according to the latest data from the bank. .
As of May 31, LANDBANK had assisted a total of 2.7 million farmers and fishermen nationwide, of which 991,577 were supported through loans and cash grants amounting to 13.39 billion of pesos under programs administered for the Department of Agriculture (DA).
“LANDBANK is one with the Ministry of Agriculture and other government partners to meet the needs of farmers and fishermen nationwide to increase their productivity and income. We are committed to providing accessible and responsive financial services to revitalize our local economy and ensure food security, ”said Cecilia C. Borromeo, President and CEO of LANDBANK.
Of the total disbursements, 5.10 billion pesos were released under the DA’s Agricultural Competitiveness Improvement Fund (ACEF) which benefited 40,556 farmers and fishermen.
The program provides the credit needed to increase productivity through the purchase of agricultural inputs and equipment, as well as machinery and facilities for agricultural production and post-production processing.
Another 1.05 billion pesos in cumulative loans reached 32,000 farmers and fishermen under the Extended Rice Credit Assistance under the Rice Competitiveness Improvement Fund (ERCA-RCEF ).
The loan window supports rice farmers in 38 rice producing provinces at affordable interest rates, with minimum documentary requirements.
In collaboration with the Sugar Regulatory Administration (SRA), LANDBANK is also implementing the socialized credit program under the Sugar Cane Industry Development Act (SCP-SIDA), which granted 400 million pesos to 6,156 farmers to support the development of the country’s sugar industry.
LANDBANK also released a total of 2.52 billion pesos in loans to 165,963 smallholder rice farmers under the Survival and Recovery Loan Program (SURE Aid), providing immediate credit assistance of 15,000. pesos per borrower without interest or guarantee to rice farmers. who plow a hectare of land and less.
In partnership with DA’s Agricultural Credit Policy Council (ACPC), the state bank also assisted 13,884 smallholder farmers and fishermen under the SURE Aid COVID-19 program, which provided emergency loans of nearly 350 million pesos to people economically affected by the covid19 pandemic.
Under DA’s Rice Growers Financial Assistance Program (RFFA), approximately 258,919 farmers received cash assistance amounting to 1.29 billion pesos.
The RFFA is an unconditional cash transfer program of PPP 3 billion that aims to provide financial assistance of PPP 5,000 each to rice farmers who cultivate 0.5 and 2 hectares of land.
Also under the DA’s Rice Growers Financial Subsidy Program (FSRF), LANDBANK released a total of 2.68 billion pesos in the form of cash grants to 536,119 farmer-beneficiaries, of which 62,020 are also beneficiaries of SURE help.
The program supports smallholder rice farmers of one hectare or less who are not covered by the RFFA program and receive a cash grant of P 5,000 to increase production needs.
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