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LBP approves P 9.4 billion credit line to 58,000 beneficiaries
Davao City (31 August 2005) -- The Land Bank of the Philippines (LBP) has approved as of end-June 2005 a total credit line of 9.4 billion that benefited more than 58,000 clients.

LBP acting president and chief executive officer Gilda E. Pico during the nationwide awarding ceremonies for the outstanding Countryside Financial Institution (CFIs) reported that the approved credit line was accessed by 440 LandBank accredited CFIs throughout the country.

Pico also said that as of June 2005, LandBank's outstanding loans to priority sectors have reached P76 billion, making up 68 percent of the bank's total loan portfolio to P111 billion.

Of the P4 billion availment on the approved credit line Pico said the CFIs in Luzon channeled P2.2 billion while Mindanao and Visayas-based CFIs coursed P920 million and P759 million, respectively.

The figures, she said strongly indicate the crucial role of the CFIs in delivering the needed financial assistance to local agriculture and business players even as she said that the demand for financing remains high.

Pico acknowledged the help of the CFIs in delivering the credit facilities to clients in a faster and more efficient manner especially in the far flung towns and barrios.

"The CFIs are LandBank's conduits that serve as our important allies in help the countryside prosper," she said.

Pico encouraged the CFIs and the other banks including other sectors to avail of LandBank's various financial packages, especially the microfinance window so as to ensure a continuous stream of credit facilities to the different sectors of the country inorder to help and sustain the local economic growth. (PIA/pdbanzon)

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