Landbank president and CEO Gary Teves said the funds will serve as support to priority projects of the National Government with the hybrid rice cultivation getting P500 million while the remaining P300 million will finance the Ginintuang Masaganang Ani Countrywide Assistance for Rural Employment and Services (GMA-CARES).
According to Teves, the loan will help advance the agriculture sector because the farmers’ use of hybrid seeds can increase palay production by as much as 50 percent.
"This means that from three tons per hectare every cropping, farmers can harvest up to six tons per hectare per cropping," he explained.
Under the facility, Teves said Quedancor can still fund other farmer cooperatives, other sectors involved in livelihood and agri-fishery related projects that are not accredited by the bank.
Interested farmers, fisherfolk, and microentrepreneurs could visit Landbank lending centers in Dagupan; Santiago, Northern Cagayan Valley; San Fernando, Pampanga; Lipa, Batangas; Naga, Iloilo; Cebu; Tacloban; Pagadian Davao General Santos City Cagayan De Oro City; and Butuan City.
The NCR-Cooperative Lending Unit in Landbank Plaza in Malate, Manila will facilitate loans for NCR-based organizations.