MANILA, Philippines – State-run Landbank of the Philippines has reported a 16 percent increase in its loan portfolio to P280 billion in the first nine months of 2013, from P241.9 billion a year earlier.
Landbank president and CEO Gilda Pico said most of the loans were granted to priority sectors of the government.
Specifically, loans to priority sectors expanded to P221.7 billion, representing 79.2 percent of the bank’s total loan portfolio.
The bank’s priority sectors comprise, among others, small farmers and fisherfolks microenterprises and SMEs, agri-aqua related projects of LGUs and GOCCs, socialized to medium cost housing, and utilities.
“The consistent growth in our loan portfolio, particularly our loans to our priority sectors, is solid testament of Landbank’s aggressive support to the government’s thrust towards inclusive growth and our relentless commitment to nurture progress in the rural areas,” Pico said.
As of end-September, outstanding loans to small farmers and fisherfolks reached P29.6 billion, 15 percent higher than last year.
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From January to September, loan releases to small farmers and fisherfolks amounted to P29.8 billion.
The regions with the highest loan releases to small farmers and fisherfolk are Central Luzon with P6.8 billion, Central Visayas with P4.4 billion, followed by Cagayan Valley, Southern Mindanao, and Northern Mindanao with P3.9 billion, P2.7 billion and P2.6 billion, respectively.
Loans to microenterprises and SMEs also grew by a hefty 21 percent from P28.7 billion to P34.6 billion while loans to socialized, low-cost and medium-cost housing reached P22.9 billion.