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MANILA - State-owned Land Bank of the Philippines on Friday said loans to its priority sectors in the first half of this year cornered 73.9 percent of its total loan portfolio as part of efforts to beef up lending in the countryside.
Gilda Pico, LandBank president and chief executive, said loans to its priority sectors reached P177.2 billion, or 73.9 percent of its total loan portfolio of P239.9 billion.
“We continue to step up our efforts in support of our priority clients as we realize their potential for growth and hope to optimize their strategic role in driving progress in the countryside,” Pico said.
The bank’s priority sectors are classified as follows:
- Mandated Sector, which covers the small farmers, agrarian reform beneficiaries and the small fisherfolk and their associations;
- Support for Agriculture and Fisheries, which includes agri-business, aqua-business, and agri-aqua related projects of local government units and government owned or controlled corporations; and
- Support for National Government Priority Programs, which includes micro, small and medium enterprises, communications, transportation, housing, education, health care, environment-related projects, renewable energy, and tourism.
Loans to small farmers and fisherfolk reached P24.2 billion, 12 percent higher than the P21.6 billion last year. Loans for agri-business and aqua-business stood at P17.1 billion, while those for agri-aqua related projects of LGUs and GOCCs amounted to P48.6 billion.
Loans to micro-enterprises and SMEs reached P26.7 billion, 23 percent higher than the P21.7 billion last year. A total of P60.6 billion loans were also used to finance communications, transportation, housing, education, healthcare, tourism, and environment-related projects.
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