Landbank hits 94.5 pct of lending target to farmers, fishers as of Nov: DOF

ABS-CBN News

Posted at Jan 04 2021 05:02 PM

Landbank hits 94.5 pct of lending target to farmers, fishers as of Nov: DOF 1
A rice farmer in Nueva Ecija. Jonathan Cellona, ABS-CBN News file photo

MANILA - The Land Bank of the Philippines has achieved 94.5 percent of its P245-billion lending target as of November last year, the Department of Finance said Monday.

The DOF said Landbank added P1.44 billion in loans for the month of November to provide for 85,987 beneficiaries.

This raised January to November lending to P231.67 billion, assisting around 2.6 million farmers, fishermen, and agri-related businesses.

DOF also quoted Landbank President and CEO Cecilia Borromeo as saying that the bank surpassed its target to assist 2 million farmers, fishermen, and the agribusiness sector in 2020.

Landbank's support included soft loans, subsidies, and training programs, the agency said.

Two-thirds of the loans went to the small, medium, and large agribusinesses enterprises, while the balance was given to small farmers and fisherfolks, agri and aqua related projects of local governments, and state-run corporations. 

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