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Sunday, April 24, 2005
Loans to agri-fishing reached P19B in 2004
THE Land Bank of the Philippines (LBP) released P19.8-billion in credit and technical assistance in support of the Agricultural and Fisheries Modernization (Afma) program for 2004.
LBP president and chief executive officer Gary B. Teves, gracing the Mindanao-wide radio forum dubbed as "Mindanao Scope", said the amount of P19.8-billion represents 109 percent of the LBP's Afma commitment for 2004 of P18.2-billion and is 10 percent higher than the P18-billion released in 2003.
LBP's credit outreach last year benefited almost 410,000 small farmers and fisherfolk and generated more than 185,000 new jobs in the agricultural sector.
"LBP is committed to support Afma-related activities, and we believe that modernizing the agricultural and fisheries sector should be a priority if we want to remain competitive in an increasingly global economy," Teves stressed.
The bank's credit support for Afma has five components: agricultural production; processing and manufacturing; marketing assistance to farmers and fisherfolks; post-harvest facilities; and infrastructure and irrigation projects.
In 2004, the largest component was loans for agricultural production, processing and manufacturing amounting to P12.3-billion.
Loans for marketing assistance to farmers and fisherfolk amounted to P6.5 billion.
Meanwhile, LBP released P448.3-million for post-harvest facilities; P327.0-million for infrastructure projects; and P25.7-million for irrigation projects.
For Bisaya stories from Davao. Click here. (April 24, 2005 issue)
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