State-owned LandBank of the Philippines said yesterday loans to its priority sectors in the first half of the year cornered 73.9 percent of its total loan portfolio as part of its effort to beef up lending in the countryside, a government press release said.
LandBank president and chief executive officer Gilda Pico said loans to its priority sectors reached P177.2 billion of its total loan portfolio of P239.9 billion.
The bank’s priority sectors include the mandated segment, which covers the small farmers, agrarian reform beneficiaries and the small fisherfolk and their associations.
Also among LBP’s priorities is support for agriculture and fisheries, which includes agri-business, aqua-business, and agri-aqua related projects of local government units and government owned or controlled corporations.
It is also in support of national government priority programs, which include micro, small and medium enterprises, communications, transportation, housing, education, health care, environment-related projects, renewable energy, and tourism.
Pico said loans to small farmers and fisherfolk reached P24.2 billion, or 12 percent higher than the P21.6 billion last year.
Loans for agri-business and aqua-business, on the other hand, stood at P17.1 billion, while those for agri-aqua related projects of local government units and government-owned and controlled corporations amounted to P48.6 billion.
Meanwhile, loans to micro-enterprises and small and medium enterprises reached P26.7 billion, or 23 percent higher than the P21.7 billion last year.
A total of P60.6 billion in loans was used to finance communications, transportation, housing, education, healthcare, tourism, and environment-related projects.*PNA