The Land Bank of the Philippines (LANDBANK) on Tuesday bared outstanding loans to the agriculture sector reaching P261.7 billion in 2022, a 5.5 percent growth from only P247.9 billion the previous year.
This sustained the upward path of outstanding loans to the sector averaging 10.4 percent from 2012 to 2022.
“LANDBANK continues to service the growth requirements of all players in the agribusiness value chain, making it the biggest lender to the agriculture sector. We remain committed to delivering timely and accessible credit to boost economic activities in the countryside and the country’s overall food production,” said Cecilia Borromeo, president and chief executive officer of the bank, in a statement.
Borromeo added that of the total P261.7 billion agricultural loans, P46.6 billion directly benefited small farmers and fishers, including those channeled through cooperatives, farmers’ associations, rural financial institutions and other conduits.
A total P166.8 billion supported small, medium and large agribusiness enterprises, with P48.3 billion backing agri-aqua-related projects of local government units (LGUs) and government-owned and controlled corporations (GOCCs).
In terms of economic activities, the financing for livestock and crop production accounted for P66.5 billion of the bank’s total agricultural loans with P107.4 billion channeled to agri-processing and trading.
The remaining P87.8 billion was used to finance other support services including the construction and improvement of farm-to-market roads, public markets, irrigation systems and cold storages, among others.
LANDBANK also said the loans have supported 3.5 million farmers and fishers nationwide with more than 766,000 or 22 percent coming from the 20 poorest provinces in the country.
Top provinces with the highest number of beneficiaries assisted include Nueva Ecija, Maguindanao, Bohol, Leyte, Pangasinan, Cotabato, Isabela, Cagayan, South Cotabato and Ilocos Sur.
LANDBANK targets to increase the number of small farmers and fishers cumulatively assisted to 3.6 million, among other key players in the agri-business value chain this year.
