Landbank is allotting P1 billion in loans to qualified farmer and fisherfolk beneficiaries for eligible projects such as agri-enterprise, livestock, and fishery production. The new loan facility called Empowering Barangays in Remote Areas through Credit and Enterprise will cater to the needs of around 1.2 million farmers, fisherfolks, and owners of micro and small enterprises.
The state-owned bank is known to be the biggest credit provider to farmers, fisherfolks, local government units, and MSMEs among other government financial institutions.
The said loan program will feature lower interest rates and more relaxed lending requirements. Farmers who are owner-cultivators, leaseholders, or tenants of not more than five hectares of agricultural land are prioritized under the program.
Qualified borrowers can apply for a loan at the nearest Landbank Lending Center across the country.
Lanbank OIC Cecilia Borromeo said the program is part of the government’s thrust to help out marginalized sectors through financial inclusion. She said the new program will complement existing ones they have in partnership with the Department of Agriculture and the Department of Agrarian Reform.
