Land Bank gives P387.4B loans in Q1
The Land Bank of the Philippines reported that it provided P387.4 billion in loans for the first quarter of the year to small farmers and fishers, or an 18 percent increase compared to P328 billion in the same period last year.
Land Bank said loans for agriculture and fisheries grew 21 percent to P100.9 billion in the first quarter, from P83.2 billion in the same period last year. These include agribusiness loans which jumped 46 percent to P44.6 billion from P30.5 billion.
Support for national government priority programs, which accounted for 58 percent of priority sector loans, rose 15 percent to P253.7 billion.
The other sectors posted a 9 percent growth, including MSMEs at P54 billion; utilities, P56.5 billion; communications, P23.3 billion and tourism, P3.8 billion.
The bank reported that net income for the first quarter of the year increased 15 percent to P4.14 billion from P3.6 billion last year.