“The plan is to expand the list of eligible projects for banks under the law, for example, to green projects and investments in rural communities,” BSP Governor Benjamin Diokno said in an interview. Total loanable funds rose by 11.60 percent to P5.53 trillion as of end-September from P4.96 trillion year-on-year. Despite the increase, the combined allocation for agriculture and agrarian reform — 12.90 percent of total loanable funds — was below the threshold. Banks only allocated 1.10 percent of their total loanable funds to the agriculture sector. Meanwhile, they only extended 11.80 percent of their total loanable funds to agrarian-reform beneficiaries.

Source: Manila Times March 11, 2020 18:22 UTC