Landbank loans to priority sectors reach P78.5 billion
Quezon City (1 December) -- The Land Bank of the Philippines' total loans to its priority sectors reached P78.5 Billion as of September 2005. This represents 67 percent of the Bank's P118billion total loan portfolio, higher by P3.2 billion or six percent compared to the 61 percent share in September last year.
Land Bank acting President and CEO Gilda E. Pico is confident that the Bank's total loans to its priority sectors will exceed the end-2005 target of 65 percent. "This reflects Land Bank's intensified support for the key sectors that spur countryside economic growth", she said.
Land Bank's priority sectors include the small farmers and fisherfolk, SMEs and microenterprises, agri-infrastructure and environment-related projects. SMEs and micro-enterprises got the biggest share of P18 billion, followed by small farmers and fisherfolk with P17.1 billion. Share of loans for agri-infrastructure projects to LGUs increased to P12.9 billion from P11 billion last year, while share of loans for agri-related projects of government-owned and controlled corporations reached P9.9 billion. Meanwhile, loans for agri-business and environment-related projects reached P16.7 billion and P1.7 billion, respectively.
Finance Secretary and Land Bank Chairman Gary B. Teves lauded Land Bank's increased lending to its priority sectors and other key players in countryside development. Teves said, "By focusing on these sectors, Land Bank aims to promote job generation, entrepreneurship and poverty alleviation especially in the rural areas as outlined in the 10-point agenda of the Arroyo government. (Beat The Odds Infobits) [top]