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Friday, May 27, 2005
Landbank grants loans to LGUs, coop
By Erwin Ambo S. Delilan
* LBP increased its loan portfolio by P77.4 billion or 62 percent as of December 2004
* The bank may give incentives to all farmers' cooperatives in Negros that could promote and use organic fertilizer
THREE local government units (LGU) in Negros Occidental, including a newly organized cooperative in the province got their respective financial loan from the Land Bank of the Philippines (LBP).
The checks distribution was held Thursday at the Capitol Building following the signing of a memorandum of agreement between the LBP and provincial government for Cooperative Livelihood Assistance Program for Occidental Negros (Clap-on).
The three LGUs include the town of Murcia and the cities of Silay and Sagay, both in northern Negros. Murcia got P25 million intended for its economic enterprise and market rehabilitation.
Silay, on the other hand, received a check amounting to P14 million to be used in addressing problem on the backlog of classrooms particularly in the remote barangays.
Sagay got its share of P20 million allotted to farm-to-market roads and repair of several classrooms in various barangays. On the other hand, Clap-On also received P28-million loan from LBP and another P2 million from the Provincial Government.
This is through a 75-20-5 sharing wherein the LBP will provide the 75 percent of the loan, 20 percent from the province and Clap-On will also establish an equity share of 5 percent.
The amount will be programmed to various endeavors to be tackled by the cooperative.
LBP president and chief executive officer Margarito Teves disclosed the bank increased its loan portfolio by P77.4 billion or 62 percent as of December 2004.
Loans to farmers and fisher-folk increased to P16. 3 billion in 2004 from P12.9 billion in 2003, while loans to the small and medium entrepreneurs and micro-enterprises expanded to P17.2 billion from 16.6 billion.
It also released P19.8 billion in credit and technical assistance in support of the Agricultural and Fisheries Modernization (AFMA) Program for 2004.
This amount represents 109 percent of the bank's AFMA commitment for 2004 of P18.2 billion and is 10 percent higher than the P18 billion released in 2003.
Teves also lauded the move of Governor Joseph Marañon to venture into organic farming in Negros.
He said LBP could perhaps give an incentive to all farmers' cooperatives in Negros that could promote and use organic fertilizer.
(May 27, 2005 issue)
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