LandBank releases record-high P384B loans in 2015
The Land Bank of the Philippines released P384 billion in loans to its priority sectors in 2015, a record-high share of 88.3 percent against its loans to all sectors of P434.8 billion.
LandBank president and CEO Gilda Pico said the loan expansion was due to consistent efforts to strengthen its credit support, particularly for key sectors and projects with high development impact.
In 2015, the Bank registered higher loans for agri-businesses, microenterprises and SMEs, agri-aqua related projects of LGUs and GOCCs, utilities, socialized, low-cost, and medium-cost housing, and transportation.
LandBank’s identified priority sectors are small farmers/agrarian reform beneficiaries and fishers (SFFs) and their associations, microenterprises and SMEs, agri- and aqua-businesses, agri-aqua related projects of LGUs and GOCCs, communications, transportation, housing, education, health care, environment-related projects, tourism, utilities, and livelihood loans.
Agribusiness loans grew by a 65 percent to P45.4 billion from P27.5 billion in 2014.
Outstanding loans to small farmers and fishers also rose by 15 percent to P38.7 billion from P33.7 billion. Meanwhile, outstanding loans to microenterprises and SMEs grew by 11 percent to P57.3 billion from P51.4 billion in 2014.
Loans to the utilities sector reached P62.2 billion, a 19 percent increase from P52.1 billion in 2014.
Loans for socialized, low cost, and medium cost housing expanded to P39.5 billion from P37.3 billion. Loans to the transportation also grew to P27.8 billion from P22.5 billion in 2014.
Outstanding loans to LGUs reached P43.6 billion, financing various agri-aqua-related projects, priority programs of the national government, and other developmental projects.