LandBank raises loan to P1B for Nueva Ecija farmers

State-owned Land Bank of the Philippines (LandBank) increased its total loan to Nagkakaisang Magsasaka Agricultural Primary Multi-Purpose Cooperative (PMPC) in Nueva Ecija to P1 billion to fund its expanded operations.

In a statement on Thursday, it said the program includes re-lending to finance the production of its members, rice and agri-inputs trading, diesel retailing, rice milling, onion cold storage rental and trading, and the importation of milled rice and fertilizers produced by the co-op.

LandBank also financed the construction of warehouses and an onion cold storage facility and the purchase of farm machinery and equipment to improve agricultural productivity.

The co-op’s cold storage, which operated last April, can accommodate up to 60,000 bags of onions, which is seen to benefit onion growers in Bongabon, Guimba, Gabaldon, Llanera, and Talavera.

Nagkakaisang Magsasaka Agricultural PMPC’s membership grew to 1,500 from 16 members. Its members include rice farmers and growers of onions and other high-value crops, as well as backyard poultry and livestock raisers and micro, small, and medium enterprises.

“By empowering agricultural cooperatives, we are also enhancing small farmers’ access to credit, technology, and other critical resources for growth,” said LandBank president and chief executive officer Lynette V. Ortiz.

“We look forward to partnering with more agri co-ops towards increasing productivity and ensuring food security in the country,” she added.

The co-op produces around 70,000 to 100,000 sacks of rice per cropping season under its rice brand and distributes rice to consumers in Metro Manila, Quezon City, Marikina, Taguig, Parañaque, Bohol, Pampanga, and Tarlac, according to LandBank.