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Aug 24, 2016 @ 7:42

Banks’ agri-agra lending still below requirement

Loans extended to the agriculture and agrarian reform (agri-agra) sectors slid quarter-on-quarter to P431.4 billion at the end of the first quarter, while total compliance rate of banks remained below the requirement.

Bangko Sentral ng Pilipinas (BSP) data showed that across universal, commercial, thrift, rural and cooperative banks, total compliance to Republic Act (RA) No. 10000 or the Agri-Agra Reform Credit Act declined from P432.7 billion as of the end of 2015.

Loans meant as alternative compliance, which hit P228.2 billion, exceeded those for direct compliance amounting P203.2 billion.

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