LENDING by the Land Bank of the Philippines (LBP) to priority sectors climbed to a record P251.5 billion in the first quarter of 2014, accounting for 81 percent of the total loans of P310.9 billion issued in the period.
The amount is 20 percent higher than the P209.1 billion of loans extended to priority sectors in the corresponding three months of 2013, LBP President and Chief Executive Officer Gilda Pico said.
“The steady rise in our loan portfolio reflects the Land Bank’s wider credit outreach and aggressive effort to align our credit support with the national government’s thrust toward inclusive growth,” she said.
The Bank’s priority sectors consist of small farmers/agrarian reform beneficiaries and fishers (SFFs) and their associations, microenterprises and Small Medium Enterprises (SMEs), agri- and aqua-businesses, agri-aqua related projects of local government units (LGUs) and government-owned and controlled corporations (GOCCs), communications, transportation, housing, education, health care, environment-related projects, tourism, and utilities.
LBP’s outstanding loans to small farmers and fishers rose 9 percent to P30.7 billion in the first quarter of 2014 from P28.1 billion during the same period last year.
Outstanding loans to micro-enterprises and SMEs, on the other hand, grew by 31 percent to P43.4 billion from P32.8 billion last year. Of this amount, P6.1 billion were lent to microenterprises and P36.9 billion to SMEs.
Outstanding loans to LGUs reached P43.4 billion.