Agri-agra penalties reach P13B in 8 years

Penalties imposed on banks that failed to meet the mandated credit allocation for agriculture and agrarian reform totaled more than P13 billion over an eight-year period, according to central bank official.

"We've collected around P13.4 billion in agri-agra penalties from 2011 to2018," Lyn Javier, managing director of the Bangko Sentral ng Pilipinas (BSP) Policy and Specialized Supervision Sub-Sector, told legislators on Thursday's Senate public hearing of the Committee on Agriculture, Food and Agrarian Reform combined Banks, Financial Institutions and Currencies.