LANDBANK loans to priority sectors reach P76 billion
The Land Bank of the Philippines' total loans to its priority sectors reached P76 billion as of June 2005, representing 68 percent of the Bank's total loan portfolio of P111 billion.
LANDBANK acting president and CEO Gilda E. Pico reported that LANDBANK has surpassed its year-end 2005 target of 65 percent share for its priority sectors namely; the small farmers and fisherfolk, microenterprises and SMEs, agri-business, agri-infrastructure, agri-related projects, livelihood and environment-related projects.
Loans to micro-enterprises and SMEs had the largest share of P18 billion, 16 percent of the Bank's loan portfolio. Meanwhile, loans to small farmers and fisherfolk reached P16 billion with a 15 percent share, benefiting close to two million farmers nationwide.
By focusing on its priority sectors, LANDBANK aims to promote job generation, entrepreneurship and poverty alleviation in the countryside Ė as outlined in President Arroyo's 10-point agenda.
For the second quarter of 2005, LANDBANK released P7.5 billion in loans to nearly 160,000 small farmers and fisherfolk nationwide. These new loan releases were channeled through more than 800 cooperatives, 340 countryside financial institutions and Quedancor.
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