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PIA Press Release
2009/02/25

Farmers, fisherfolk avail of LBP loans

by Jemin B. Guillermo

Roxas City (25 February) -- Nearly half a million farmers and fisherfolk in the country have benefited from the government bank's credit assistance last year.

In a press release, Land Bank of the Philippines President and Chief Executive Officer Gilda Pico disclosed that a total of 438,000 small farmers and fisherfolk nationwide have availed of the said bank's credit assistance in 2008.

Pico said that a total of P23.5 billion in loans was released by LandBank to their clienteles last year through 1,052 cooperatives and 400 countryside financial institutions.

She also said that the amount released was 29 percent higher than the P18.2 billion released to said sector in 2007.

"Our intensified lending to the farming and fisheries sector is aimed at further strengthening and sustaining their viability to accelerate the development of economies in rural communities," Pico said.

She revealed that by agricultural activity, LANDBANK loans for crop production grew by P3.8 billion to P10.2 billion last year from P6.4 billion in 2007.

Loans for palay production, she added, reached P9.3 billion involving 207,875 rice farmers assisted by the Bank in 2008.

Pico pointed out that said development came after the Bank expanded its lending to produce more rice and boost the supply of the staple crop in the country to help stabilize its price.

The LANDBANK's loans for agri-processing also increased by P972 million to P1.7 billion from P759 million, she said, adding that the Bank's loans for marketing increased by P274 million to P7.9 billion from P7.6 billion. (PIA) [top]

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