Private banks offer P200B to fund agri-agra projects

Private banks have offered P200 billion in funds to the agricultural sector to comply with the Agri-Agra law, a Cabinet official said.

Enacted in 2009, Republic Act 10000 or the Agri-Agra Law mandates banks to allocate at least 25 percent of their outstanding portfolio to agriculture. Of this, 10 percent should be devoted for credit for agrarian reform beneficiaries.