LandBank Aims Triple Lending to Small Farmers up to P115 Billion

The Land of the Bank of the Philippines, one of the national government's financing institutions aims to triple their lending program for small farmers from the P37.9 billion into a whooping P115 billion by the year 2020.

LandBank's new program was initiated by 9th President and CEO of LandBank, Alex Buenaventura as he announced an official statement that the bank aims to triple lending to small farmers and small fishermen.

In a news report posted by SunStar, LandBank President Buenaventura was quoted as saying "We will build on the gains of LandBank over the years and channel these resources to support the farmers and fishers and other marginalized sectors," he stated.

The LandBank President added further that "I will take the lead in reinforcing the bank's development mandate which is anchored on promoting inclusive economic growth especially in the countryside, with a stronger focus on helping farmers and fishers," Buenaventura said.

In order to implement the LandBank Project, the agency will re-engineer the bank's lending to farmers and fishers through cooperatives will be undertaken.

The LandBank CEO Alex Buenaventura stated during his oathtaking that they will look into reorganizing small farmer cooperatives to enter into "contract growing with farm management agreement," with big agri-buyers/processors of high yielding long-term cash crops.

These include Cavendish banana, palm oil, rubber and cacao, among others. The strategy will enable buyers/processors to totally manage the compact farms of individual small farmers.

LandBank will also explore other innovative ways of expanding their support to agriculture and they will also plans the promotion of large-scale expansion of big agriculture buyers and processors which are needed by negotiating a fair contract growing with small farmers.

According to the study of LandBank the inaccessibility to bank loans and contract growing agreements with agriculture buyers and processors by small farmers is the major problem of the industry.

If you want to know more about the LandBank Lending Projects for Small Farmers, just visit the official website of LandBank of the Philippines.

Source: SunStar

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