LandBank recognizes countryside partners

The Land Bank of the Philippines (LBP) recognized its most outstanding countryside partners in utilizing the $570-million low-interest funds provided by the World Bank and the US Agency for International Development (USAID).

The financing programs, known as the Countrywide Loan Fund (CLF) and the Agricultural Loan Fund (ALF), provide accessible and affordable credit to micro, small and medium enterprises (SMEs) in the countryside.

The LBP released P27.1 billion through participating financial institutions.

"We are fully committed to supporting the country’s SME and micro enterprises, which are considered the lifeblood of our economy," LBP president and Gary B. Teves said.

The most outstanding countryside partners awardees are: Bangko Luzon, Inc. (countryside financial institutions catetory); Planters Development Bank (Metro Manila-based thrift bank category; and Equitable PCI Bank Inc. (commercial banks/non-bank financial institutions category).

The Bank of the Philippine Islands and Anchor Savings Bank tied as the most outstanding countryside partners for SME/micro financing, having the most SME/Micro projects financed under the ALF/CLF programs.

Special citations were also given to Guaranfood Manufacturing in San Pablo, Laguna and the Century Canning Corp. in General Santos City for their invaluable contributions in fostering countryside development and protecting the environment, respectively.

Established by the Bangko Sentral ng Pilipinas, the ALF amounts to a total of $120 million, with $100 million from the World Bank and $20 million from USAID. The CLF, on the other hand, has been divided into three programs with short, medium and long-term maturities. The World Bank has provided each of the three programs with $150 million for a total of $450 million in available funds.