LandBank releases P3.67-B loans to Western Visayas clients

Manila (26 August) — Land Bank of the Philippines’ total outstanding loans to its priority sectors in Region six reached 3.67 billion as of June 30, 2009, Manuel Jose Mari S. Infante, Vice President and the head of LandBank in the region, said.

LandBank’s priority sectors are small farmers and fisher folk (SFF) cooperatives, SME’s and micro enterprises, agri-infrastructure projects, agri-related projects, agri-business and environment-related projects, he said during a press conference here at Business Inn.

Of the P3.67 billion, about 31 percent or P1.124 billion went to SFF coops and other financial conduits such as rural banks, irrigators associations and NGOs benefiting close to 80,000 farmer beneficiaries in Region six.

The top five cooperative borrowers are Options MPC in Sagay City, Bacolod Government Employees MPC of Bacolod City Hall, Iloilo Provincial Employees MPC of Iloilo Provincial Capitol, Central Negros Electric Cooperative (CENECO) MPC in Bacolod and Dingle Government Workers Credit Cooperative in Dingle, Iloilo.

Meanwhile, the Bank’s total loans to SMEs reached P568 million during the first half of 2009. Loans to CFIs grew by 216 percent to P352 million from P163 million a year ago. Loans to LGUs in Region six reached P1.63 billion as of June 30, 2009.

LandBank also released P309 million for rice production from January to June 30, 2009 thru cooperatives, CFIs, farmers organization and rice millers. This benefited 8,224 farmers covering more than 8,000 hectares in the region. The bank expects to release an additional P160 million by the end of the year.

VP Infante said that the LandBank in the region is on track in its lending target of P5.36 billion to its priority sectors in the region for 2009.

“Our efforts to deliver credit assistance to our development partners particularly the small farmers and fisher folk cooperatives, micro enterprises and SME’s in Region six is in support to the overall commitment of Landbank to spur growth and progress in the countryside,” Infante said. (LandBank-PIA,LOL)