MANILA, Philippines — State-run Land Bank of the Philippines is already close to hitting this year’s target for lending to the farm sector as of May, the Department of Finance reported Friday. In a statement, the DOF, which oversees the financial performance of state-owned companies, said LANDBANK extended a total of P230.02 billion in loans to the agriculture sector in the first five months of the year. Month-on-month, credit to the farm sector grew by P73 million in May, bringing the total number of farmers and fishers assisted by LANDBANK to 2,734.572 in the first five months. Broken down, P230.02 billion, or close to two-thirds of total loan releases, went to small, medium and large agri enterprises. The remaining amount of P84.17 billion went to small farmers and fisherfolk, and the agri-aqua related projects of local government units and state-run corporations.

Source: Philippine Star July 02, 2021 04:52 UTC