Landbank has disbursed ₱2.89 billion in loans to over 65,000 rice farmers and cooperatives nationwide through the Rice Competitiveness Enhancement Fund (RCEF) from 2019 to 2024. The recent extension of RCEF for another seven years will further support the productivity and resilience of Filipino rice farmers.
State-run Landbank has distributed ₱2.89 billion in loans to over 65,000 rice farmers and cooperatives nationwide under the Rice Competitiveness Enhancement Fund ( RCEF ) from 2019 to 2024. The bank’s announcement follows the recent passage of Republic Act (RA) No. 11954, which extends RCEF for another seven years.
The amendment to the Rice Tariffication Law aims to sustain initiatives that strengthen the productivity and resilience of Filipino rice farmers amid challenges in the agricultural sector. According to Landbank, the loans were channeled through the Expanded Rice Credit Assistance under RCEF (ERCA-RCEF) and supported key activities such as palay production, post-harvest processing, milling, trading, and the acquisition of farm equipment. It noted that the program benefited 17,767 individual farmers and 270 cooperatives with more than 47,100 members, with 98 percent of direct borrowers being individual rice farmers. “Landbank fully supports the RCEF extension as part of our commitment to empowering Filipino rice farmers and boosting agricultural competitiveness,” Landbank President and CEO Lynette V. Ortiz said in a statement. “We are prepared to sustain our efforts to enhance food security and ensure the sustainability of the rice sector.” As the largest credit provider to the agriculture sector, Landbank reported that as of October 2024, it has extended ₱769.68 billion in loans to agriculture, fisheries, and rural development under Republic Act No. 11901 or the Agriculture, Fisheries, and Rural Development Financing Enhancement Act of 2022. This represents 55.5 percent of its ₱1.387 trillion gross loan portfolio. The bank said it has also provided financial support to 3.93 million small farmers and fishers nationwide through loans and other interventions aimed at driving countryside developmen
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