LANDBANK LENDS P710B TO PRIORITY SECTORS
LANDBANK continues to beef up its support to underserved sectors, especially in the countryside. This commitment to serve farmers, fishers, microenterprises and its other priority sectors is evident in the Bank’s outstanding loans to these sectors, which reached P710.69 billion as of the third quarter of 2018 – a 40.6% increase from the same period in 2017.
This makes up 93.4% of LANDBANK’s total loans to all sectors which reached P760.96 billion as of end-September 2018.
The Bank’s priority sectors include small farmers and fishers (SFFs), agrarian reform beneficiaries, MSMEs, agri- and aqua-projects of LGUs and GOCCs, communications, transportation, housing, education, health care, environment-related projects, tourism, and utilities.
“LANDBANK is taking bolder strides to further increase support to our priority sectors, especially our small farmers and fishers, and provide them with services truly responsive to their needs,” LANDBANK President and CEO Alex Buenaventura said.
Loans to small farmers, fishers and their associations reached P43.28 billion as of end-September 2018, which is a 10.7% increase from the P39.06 billion recorded during the third quarter of 2017.
Agriculture and fisheries loans also rose by 27.9% to P158.55 billion from P123.91 billion. These include loans to agribusinesses that reached P106.47 billion, up by 53.6% from P69.31 billion.
The Bank also continues to strengthen its support to national government priority programs, with loans up by 48.5% to P508.87 billion as of the third quarter of 2018 from P342.57 billion during the same period in 2017. These include loans for MSMEs which is 98.2% higher at P140.49 billion from P70.88 billion; tourism which grew by 146.2% to P17.85 billion; and education which increased by 52.5% to P8.48 billion.
The Bank’s loans in support of national priority programs likewise grew, including loans for transportation which rose to P52.36 billion; housing at P62.16 billion, and utilities at P123.54 billion.
LANDBANK remains the single largest lender to small farmers and fishers and the leading provider of financial assistance to MSMEs among GOCCs and government financial institutions. It also finances projects in agri-infrastructure, agri-business, schools and hospitals, farm-to-market roads, housing and livelihood, and development projects of local government units.
LANDBANK is the only bank present in all of the country’s 81 provinces with 385 branches, 61 Other Banking Offices, and 1,917 ATMs as of September 30, 2018.