Landbank reaches 94.5 percent of target for loans to farmers and fishermen as of November: DOF

MANILA – The Philippine Land Bank has reached 94.5 percent of its P245 billion lending target as of November last year, the Finance Department said on Monday.

The DOF said that Landbank added P1.44 billion in loans for the month of November to serve 85,987 beneficiaries.

This brought January-November loans to P231.67 billion, helping around 2.6 million farmers, fishermen, and agriculture-related businesses.

The DOF also quoted Landbank President and CEO Cecilia Borromeo as saying the bank exceeded its goal of helping 2 million farmers, fishermen and the agribusiness sector in 2020.

Landbank’s support included soft loans, grants and training programs, the agency said.

Two-thirds of the loans went to small, medium and large agro-industrial companies, while the remainder went to small farmers and fishermen, agriculture and aquaculture-related projects of local governments and state corporations.