Land Bank extends hours for farmers groups
Land Bank of the Philippines is extending its hours for farmers groups participating in the National Food Authority’s Institutionalized Procurement Program to 4 pm from 3 pm.
In a release, the NFA said the request of the Philippine Farmers’ Advisory Board to extend Land Bank’s operating hours for those participating in the program was approved by the NFA Council.
Land Bank’s extended banking hours for farmers groups will be limited only to encashing checks issued to them by the NFA under the IPP program. All other banking services will only be up to 3 pm.
Under the IPP program, the NFA buys palay or corn from farmers groups and provides other incentives such as drying and delivery.
The palay or corn the NFA buys become part of its inventory that it releases to the market when supply is tight. The NFA supports farmers when prices are low by buying it at a set price while stabilizing prices for consumers by maintaining the price of its stocks at set levels.
At present, the NFA buys palay from farmers at P17 per kilogram.