NextGen Day

In keeping with the government’s efforts to further strengthen the agricultural sector, the state-owned Land Bank of the Philippines (Landbank) plans to raise the number of small farmers and fishers it has helped up to 3.6 million this year.

Landbank President and Chief Executive Officer (CEO) Cecilia Borromeo stated in an interview following the official opening of the bank’s three-story Landbank Leadership and Development Center (LLDC) in the City of Manila on Tuesday that they will continue to extend financing to various programs that will boost the country’s recovery, with a focus on the agriculture sector.

Because of this, she said, “we’re looking to support not only the small farmers but all the players in the agribusiness value chain, (and) even the large agribusiness corporations that have very good business models, have proven themselves to be very profitable, and have employed a lot of Filipinos.”

According to Borromeo, the bank concluded 2022 with loans to the agricultural sector totaling more than PHP261 billion, an increase of around 5% from the previous year.

I think that’s the largest loan portfolio to the agriculture industry, she added, noting that the sector’s loan growth has outpaced its 0.5 percent full-year output from the previous year.

Borromeo is confident that financing to the agricultural sector would continue to increase this year, but he declined to provide exact numbers.

Through its “Iskolar ng Landbank Program,” which aims to grant scholarships to 360 college-level students who are dependents of agrarian reform beneficiaries (ARBs) and small farmers and fishers nationwide, the bank’s attention on the agriculture sector will be felt even more.

For this program, which will run from 2023 to 2028, the bank has allotted a total of PHP128 million.

The extension of the bank’s digital banking services, according to Borromeo, will also help the government’s effort to digitize its financial system. “We believe that that is very good way of including many Filipinos into the mainstream of banking,” Borromeo said.

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