The Land Bank of the Philippines (LANDBANK) has released P1.51 billion in loans to a total of 9,126 rice farmers and cooperatives as of 31 March 2022 through the Expanded Rice Credit Assistance under the Rice Competitiveness Enhancement Fund (ERCA-RCEF).
Implemented in partnership with the Department of Agriculture (DA), LANDBANK was able to fully disburse the allocated program fund from 2019 to 2021 under the ERCA-RCEF, designed to support small rice farmers cope with the decline in palay prices, coupled with challenges brough about by the COVID-19 pandemic.
Majority of the beneficiaries were from the rice-producing provinces of Region 2, particularly Cagayan, Nueva Vizcaya, and Quirino, with LANDBANK assisting a total of 4,189 individual rice farmers and 28 cooperatives.
LANDBANK was also able to extend assistance to rice farmers in the Visayas and Mindanao, including the provinces of Capiz, Agusan del Sur, Davao del Norte, and Occidental Mindoro, among others.
“As a vital contributor to the National Government’s sustainable development agenda, LANDBANK remains steadfast in delivering much-needed support to the agriculture sector. Alongside the DA, the successful and timely delivery of loans to rice farmers under the ERCA-RCEF is a testament of this unwavering commitment,” said LANDBANK President and CEO Cecilia C. Borromeo.
The ERCA-RCEF is a credit facility which aims to boost the productivity and income of small rice farmers, and cushion the initial impact of Republic Act No. 11203, also known as the Rice Tariffication Law (RTL).
Under ERCA-RCEF, individual farmers may borrow up to 90% of their total project cost at a low fixed interest rate of 2% per year. The loan may be used to purchase farm inputs for rice and rice seed production, as well as farm machineries and equipment for production and post-production.
DA-accredited cooperatives may also borrow under the ERCA-RCEF for the purchase of farm inputs for rice and rice seed production as a collective operation and working capital for rice and rice seed trading. The Progam also supports rice farming-related activities such as the acquisition of machineries and equipment, as well as relending and rediscounting of existing loans of small rice farmers listed in the DA’s Registry System for Basic Sectors in Agriculture (RSBSA).
As mandated by Republic Act No. 11203, LANDBANK shall continue to administer the ERCA-RCEF Program for the DA until 2024, and make available P500 million in loans annually to rice farmers registered under the RSBSA in 38 rice-producing provinces.
LANDBANK awaits green light to resume fuel subsidy distribution
The Land Bank of the Philippines (LANDBANK) assures the fast and timely crediting of fuel subsidies and distribution of cash cards to intended transport beneficiaries nationwide once the prohibition to distribute in compliance to the election spending ban is lifted. The Land Transportation Franchising and Regulatory Board (LTFRB) is currently working on the exemption from the Commission on Elections (Comelec) to resume the distribution under the Fuel Subsidy Program (FSP). Pursuant to Comelec Resolution 10944, the releasing, disbursing or spending of public funds for social welfare projects are prohibited from September 15 to October 30, 2023 in relation to the Barangay and Sangguniang Kabataan Elections next month.LEARN MORE
LANDBANK remits P50B investment in Maharlika
The Land Bank of the Philippines (LANDBANK) has remitted to the Bureau of the Treasury (BTr) its ₱50-billion contribution to the Maharlika Investment Corporation (MIC) as mandated by Republic Act No. 11954 which establishes the Maharlika Investment Fund (MIF), the first Philippine sovereign wealth fund aimed at boosting the country’s economic growth. Finance Secretary and LANDBANK Chairman Benjamin E. Diokno said that the Bank’s ₱50-billion investment to the MIF has already been settled with the BTr on Thursday, 14 September 2023, following the enactment of the MIF enabling law and the issuance of its Implementing Rules and Regulations (IRR) by the BTr. "We are witnessing a growing interest for investments in the MIF from multilateral financial institutions and foreign investors. With the regulatory requirements in place, and after securing the seed capital from state-run institutions, we are confident that the Fund will be operational by yearend,” said Secretary Diokno. At the same time, LANDBANK President and CEO Lynette V. Ortiz said the law creating the MIF has enough safeguards to protect the Bank’s invested funds. “The MIF law has put in place adequate safety nets to ensure full disclosure and transparency in the management of the Fund, as well as the integrity and professionalism of the management team that will be entrusted to lead the Maharlika Investment Corporation,” President Ortiz said. On 18 July 2023, President Ferdinand R. Marcos, Jr. signed into law Republic Act No. 11954, followed by the BTr’s issuance of the IRR a month later on 28 August 2023. The law authorizes LANDBANK and the national government to provide ₱50 billion each as initial fund capital, while the Development Bank of the Philippines (DBP) will contribute another ₱25 billion.LEARN MORE
LANDBANK, Malungon LGU link up for digital payments
(front) Malungon Mayor Maria Theresa Constantino (2nd from right), Vice Mayor Mariano S. Escalada, Jr. (rightmost), Municipal Treasurer Eva Emejas (leftmost), and LANDBANK Assistant Vice President Jojo Alcover (3rd from right) lead the launching of the partnership for the use of the LANDBANK Link.BizPortal, alongside other local government officials and officers. MALUNGON, Sarangani Province – Residents and business entrepreneurs from this municipality can now pay for dues to the local government faster online through the digital payment facility of the Land Bank of the Philippines (LANDBANK). The Municipal Government of Malungon has partnered with the state-owned Bank for the integration of the LANDBANK Link.BizPortal to its own website, which offers a wide range of local public services. Through the Link.BizPortal, clients can now pay for local fees, such as business permits and realty taxes, at their own convenience and even at the comfort of their homes. “LANDBANK’s digital banking solutions advances the National Government’s digital and financial inclusion agenda in line with its expanded mandate of serving the nation,” said LANDBANK President and CEO Lynette V. Ortiz. Malungon Mayor Maria Theresa Constantino extended her appreciation to LANDBANK’s support to accelerate the municipality’s digitalization journey. “This is the first in Sarangani to fully implement online payments. So, tell your relatives, your neighbors, that we have a new added service to make it more convenient for the people of Malungon to pay their taxes. We thank LANDBANK in bringing the service closer to every home in Malungon,” said Mayor Constantino. The LANDBANK Link.BizPortal is a digital facility that allows clients to pay for products and services via the internet from both government and private institutions. For the first six months of the year, the LANDBANK Link.BizPortal has facilitated 4 million transactions with value of P6 billion. Of its total 1,326 partner merchants, the Portal has 978 government partners of which 180 have been newly-onboarded this year. LANDBANK is celebrating its 60th anniversary, representing six decades of uplifting lives, empowering communities, and serving the nation — all in pursuit of an inclusive and sustainable economy.LEARN MORE