October 17, 2024

 

Philippines' Landbank in agreements to provide more access to financial services for small farmers

 

 

State-run Land Bank of the Philippines has partnered with two agriculture firms to enhance modernisation in the farm sector in the Philippines.

 

In a statement, Landbank said it inked separate agreements with KITA Agritech Corp. and TAO Foods Company Inc. to empower small farmers with increased access to financial services and opportunities for modernisation.

 

Under the partnership, the two agri firms will provide necessary production, technical and marketing assistance to partner farmers and farmer organisations.

 

KITA Agritech will introduce the Digital Trading Post which aims to improve inventory management and reduce operational farming costs associated with natural disasters and calamities.

 

TAO Foods, on the other hand, will introduce the Rice to Rise Program which aims to supply farmers with 100% locally-produced hybrid rice seeds to increase yield and improve productivity and profitability.

 

For its part, Landbank will extend to eligible partners endorsed by the two companies the Agrisenso Lending Program, which provides affordable financing to small farmers, agrarian reform beneficiaries, and and the whole agriculture value chain.

 

The programme, which was launched this year, has supported 1,671 borrowers nationwide with a total of ₱264.9 million (US$4.6 million) in approved loans as of end-August.

 

The partnership targets to empower farmers to navigate market and environmental challenges through innovative technologies and sustainable practices.

 

Landbank president and chief executive officer Lynette Ortiz said the bank aims to advance modern agriculture while driving sustainable growth and strengthening the Philippines's food supply chain.

 

"We are focused on ensuring that more farmers are empowered with the tools and resources needed for them to thrive, increase productivity, and contribute to national food security," Ortiz said.

 

- Philstar