Despite the harsh realities of El Niño and its impact on harvests, the Land Bank of the Philippines (LANDBANK) remains a strong ally of the nation’s rice farmers.

IMAGE CREDIT: https://pia.gov.ph/

As of April 30, 2024, LANDBANK has already released a total of PHP2.5 billion in loans through the Expanded Rice Credit Assistance under the Rice Competitiveness Enhancement Fund (ERCA-RCEF).

This vital financial support comes at a critical time, ensuring food security remains a top priority. In a successful partnership with the Department of Agriculture (DA) since 2019, LANDBANK has fully disbursed the PHP500 million annual allocation under ERCA-RCEF.

LANDBANK is currently the largest development financial institution in the country promoting financial inclusion, digital transformation and sustainable development to benefit Filipinos. It is present in all 82 provinces in the country and remains committed to providing accessible and responsive financing to drive the agriculture sector’s productivity and competitiveness while championing sustainable development in the countryside.

Agriculture’s role in national food security

“LANDBANK recognizes the agricultural sector’s crucial role in national food security,” stated Lynette V. Ortiz, President and CEO of LANDBANK. “We are committed to providing continued financial assistance to rice farmers. This will help them maintain their operations and improve productivity, especially during challenging times like El Niño.”

The P2.5 billion loan package has benefitted over 15,400 individual rice farmers and 270 cooperatives with more than 21,300 members.

According to LANDBANK, the funds are being used to support various aspects of rice production, including milling, trading, re-lending, and acquiring farm machinery.

Notably, 98 per cent of LANDBANK’s direct borrowers under this program are individual rice farmers.

Loan recipients are spread across the country’s rice-producing regions. Region 2, particularly Cagayan, Nueva Vizcaya, and Quirino, has seen the most significant support with 4,945 borrowers receiving a combined P612.4 million.

Region 3 follows closely with 2,243 borrowers and PHP840.3 million in total loan releases. Additionally, rice farmers in Visayas and Mindanao provinces like Capiz, Leyte, Agusan del Sur, Bukidnon, North Cotabato, and Zamboanga del Sur have also benefited from the program.

LANDBANK’s unwavering commitment to the agricultural sector aligns perfectly with the ongoing celebration of “Farmers’ and Fisherfolk’s Month” in May.

This annual recognition highlights the invaluable contributions that these groups make to nation-building and ensuring the country’s food security.

By Ralph Fajardo

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