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PIA Press Release
2008/10/23

LBP to meet target in giving P5-B loans to rice farmers

by Prix D Banzon

Davao City (23 October) -- The Land Bank of the Philippines (LBP) is bent in meeting its target of giving out P5 billion to farmers in Mindanao under the rice production loan.

LBP Senior Vice President for Mindanao Delia M. Ladao said with the agricultural guarantee fund pool, they can insulate the fund from abuse.

She said for Region XI about P707 million were already given out to farmers including those in Agusan del Sur and Surigao del Sur. Some P1.5 billion is earmarked for Central Mindanao and another P1 billion in Northern Mindanao Area and they still have to go through the second cropping this October 2008.

"At the rate it is going we can meet our target this year," she said.

She said they had been tapping credit conduits to include farmers organizations (FOs) like Irrigator's Association through which loans for production may be extended to small rice farmers.

The FOs need to enter into a collective marketing arrangement with a pre-identified reliable market or palay buyer whom they will sell their produce.

The Bank will help in negotiating with the buyer to come up with a mutually beneficial production, technical and marketing agreement. Rice millers, input suippliers and small and medium enterprises engaged in agri business are also tapped as credit conduits. (PIA) [top]

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