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LANDBANK s loans, cash grant releases to farmers, fishers hit P13 B – Manila Bulletin
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LANDBANK agri loans hit P230 billion in five months to May
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Palay farmers Godofredo Magpoc (leftmost), Danilo Zulueta (upper right), and Roberto Morales (lower right) reap the benefits of financial assistance from the Expanded Rice Credit Assistance under the Rice Competitiveness Enhancement Fund (ERCA-RCEF) Program of Land Bank of the Philippines (LandBank) and the Department of Agriculture (DA) for the production requirements of their rice fields.
Amid the COVID-19 pandemic and for the past 37 years, Godofredo Magpoc has provided for his family by growing different varieties of palay in his 2-hectare farm in Orion town. But with the recent decline in palay prices affecting his income, raising capital to sustain his livelihood has become a challenge.
BusinessWorld
May 20, 2021 | 12:02 am
LAND BANK of the Philippines (LANDBANK) has disbursed P7.5 billion in loans and cash grants to rice farmers since the signing of Republic Act No. 11203 or the Rice Tariffication Law in 2019.Â
In a statement on Wednesday, the state-led bank said it has lent P7.5 billion as of April 30, which benefited 962,126 rice farmers across the country.
Of the total, P1.03 billion in cumulative loans were granted to 6,218 eligible borrowers under the Expanded Rice Credit Assistance (ERCA), which is part of the Rice Competitiveness Enhancement Fund (RCEF).Â
âAvailable until 2024, LANDBANK will lend up to P500 million in credit assistance annually under ERCA-RCEF to rice farmers in 38 rice-producing provinces at affordable interest rates, with minimum documentary requirements,â it said.Â
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