REP. ROMERO FILES BILL TO MANDATE LANDBANK TO ALLOCATE 60 PERCENT OF ITS LOANS TO FARMING AND FISHING
Heeding the guidance of President Rodrigo Duterte on the need to align the Land Bank of the Philippines to its original purpose as an agricultural bank, Deputy Speaker Michael “Mikee” L. Romero filed House Bill 183 requiring Landbank to set aside 60 percent of its loan portfolio for farmers and fisherfolk.
Landbank competes against the major banks such as Metrobank, BPI, Banco de Oro and Philippine National Bank. "In rural areas, depending the situation, it either competes against or complements rural banks," Romero, an economist, said.
"On the other end of the spectrum Landbank takes on a dual role with the Development Bank of the Philippines...it either competes against or works with DBP, depending on the situation involved," he added.
The 1-PACMAN solon noted, that according to Landbank's latest available annual report covering 2017, "only 45.4 percent of its total loan portfolio were for the agriculture and fisheries sector", broken down as follows:
· 7.5 percent - small farmers and small fisherfolk and their associations;
· 13.7 percent - agribusiness;
· 0.4 percent aqua-business;
· 8.9 percent agri-aqua projects of local government units and GOCCs;
· 14.9 percent - micro, small and medium enterprises.
:: Press Release::
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Topic: Loan portfolio for farmers and fisherfolk (Read 515 times)