The Land Bank of the Philippines has extended loans worth P1.55 billion to sugar sector beneficiaries as of end-April this year.
A good P700.45 million benefitted 4,366 individuals under the Socialized Credit Program- Sugarcane Industry Development Act (SCP-SIDA), the state-owned lender said.
In partnership with the Sugar Regulatory Administration (SRA), the SCP-SIDA supported 2,577 borrowers composed of 2,567 individual small farmers, four cooperatives, five associations and one micro, small and medium enterprise (MSME) from 16 provinces nationwide.
“Land Bank is committed to driving growth in all industries of the agricultural sector. This includes pushing for sustainability and increasing the production and income of sugarcane farmers and workers,” Lynette Ortiz, Land Bank president and chief executive officer, said.
SCP-SIDA aims to optimize the productivity of sugarcane farms by promoting advanced and cost-efficient farming practices and enable farmers to invest in modern farming techniques.
The program also helps local producers procure high-quality inputs and acquire the necessary equipment for higher yield and improved crop quality.
