The P713.8 billion represents 69 percent of the bank’s total loan portfolio of P1.04 trillion, which is close to three times the 25-percent requirement for local banks to allocate financing for agriculture, fisheries and rural development-- READ MORE:
The P713.8 billion represents 69 percent of the bank’s total loan portfolio of P1.04 trillion, which is close to three times the 25-percent requirement for local banks to allocate financing for agriculture, fisheries and rural development under Republic Act No. 11901 or “The Agriculture, Fisheries and Rural Development Financing Enhancement Act of 2022.”
“LandBank remains steadfast in fulfilling its primary development mandate to advance the country’s agricultural sector. With a holistic approach covering all players in the value chain, we will continue to extend accessible and responsive financing to ramp-up agriculture modernization and productivity, paving the way for more resilient local communities,” said bank president and chief executive Lynette Ortiz.
It said of the P713.8 billion in outstanding loans, the bank dedicated P107.8 billion to agriculture and fisheries production, which includes funding for the processing of fisheries and agri-based products and farm inputs. LandBank also provided P78.5 million for agri-tourism projects, which involve attracting visitors and tourists to farm areas for production, educational and recreational purposes.
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