Loans to small farmers and fisherfolk released by state-owned Land Bank of the Philippines (Landbank) increased by a billion pesos in nine months compared to the same period last year. Landbank said it released P18.4 billion worth of loans to small farmers and P373 million to fisherfolk cooperatives from January to September this year, for a total of P18.8 billion, up 5.62% from P17.8 billion last year.
The loans benefited 546,000 small farmers and fisherfolk nationwide, the bank said. These were released through 887 farmers and fisherfolk cooperatives and 287 countryside financial institutions. The small farmers and fisherfolk sector is part of Lanbank’s priority sectors, which include microenterprises and small and medium enterprises, livelihood, agribusiness, agri infrastructure, agri-and environment-related projects, and socialized housing, schools and hospitals.
Landbank released P141 billion in the first half to priority sectors, up by 20.5% from the 117.5 billion released in the same period last year.