Landbank provides P55 M for Bohol farmers

MANILA, Philippines — Government-owned Land Bank of the Philippines has provided P55 million worth of farm machineries for Bohol farmers as part of efforts to help modernize agriculture in the countryside.

Landbank recently turned-over farm machineries amounting to P54.86 million to 142 farmers, agrarian reform beneficiaries, and members of cooperatives in Pilar in Bohol.

The state-run bank distributed 41 four-wheel tractors, seven rice combine harvesters, and 10 rice transplanters under its Agricultural Competitiveness Enhancement Fund  (ACEF), lending program and Agri-Mechanization Financing program.

ACEF is a lending facility for farmers, fishers, micro, small, and medium enterprises, cooperatives and associations for the acquisition and establishment of production, post-harvest, and processing machineries, equipment and facilities, and farm inputs and improvements.

As of end-June, combined loans extended to the agriculture sector and the bank’s mandated sector reached P219.63 billion, which is 27.45 percent of Landbank’s total loans to all sectors of P799.64 billion.

Landbank said it is consistently compliant with the Agri-Agra Credit Law which mandates banks to allot 25 percent of their total loanable funds to agriculture and fisheries.

For Landbank Bohol Lending Center alone, 64 percent or P2.6 billion of its total loan portfolio of P4.09 billion is classified under agri-related accounts as of end-June.

During his fourth State of the Nation Address last month, President Duterte called on Landbank to go back to its mandate of lending to the farm sector.

“That is sacred money. Why are you so wired in many commercial transactions? Go back to where you are created for and that is for the farmers,” Duterte said.

“You have until end of July to give a plan or I will ask Congress to reconfigure you. If there is no viable plan for the farmers, might as well abolish it,” the President threatened.