Loans granted to farmers and fishermen swell to P642.29B
Philippine Statistics Authority (PSA) said that loans extended to farmers and fishermen amounted to P642.29 billion in 2016, higher by 13.52 percent from the 2015 record.
Of the total agricultural loans, about 46.75 percent or P300.29 billion were allocated for production purposes. This amount was 11.99 percent more than the year ago’s record.
“Among the providers of agricultural production loans, the private banks remained as the biggest source accounting for 82.7 percent equivalent to P248.40 billion in 2016,” PSA said.
In terms of the amount of loans provided by the private banks, the Private Commercial Banks (PKBs) had the biggest share at 36.3 percent of the total production loans.
This was followed by Rural Banks (RBs) at 22.5 percent while Savings and Mortgage Banks (SMBs) and Private Development Banks (PDBs) recorded 9.7 percent and 8.2 percent shares, respectively.
The rest of the loans came from the government banks which extended production credit at P51.90 billion.
The loans supplied by the Stocks Savings and Loan Associations (SSLAs) continuously reported the least share with 6.1 percent in 2016.