MANILA: Land Bank of the Philippines (Landbank) said it provided loans to agricultural and rural development companies totaling P713.8 billion in the first half of 2023, an increase of 177 percent from P257.7 billion in the same period a year ago.
“With a holistic approach that covers all actors in the value chain, we will continue to extend accessible and responsive financing to boost the modernization and productivity of agriculture, paving the way for more resilient local communities,” said the president and CEO of Landbank, Lynette Ortiz.
A significant part of the P244.1 billion Agriculture, Fisheries and Rural Development (AFRD) loans increased the development of public rural infrastructure, including roads, streets, bridges, transportation systems, irrigation , public markets, slaughterhouses, warehouses and solid waste management, flood control, drainage and other essential infrastructure and development projects.
Some P167 billion supported sustainable projects that benefit both clients and society while reducing pressures on the environment. It also included green finance that finances climate change mitigation and adaptation projects, among others.
Of the total, P107.8 billion supported agricultural and fishery production, such as processing of fishery and agricultural-based products and agricultural inputs.
Agrotourism projects obtained financing for P78.5 million, which consist of attracting visitors and tourists to cultivation areas for productive, educational, and recreational purposes.
Another P70.4 billion supported the digitalization and automation of agricultural, fishing and agro-industrial activities and processes, including related financial and management information systems.
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