LandBank enhances agri loan program

LandBank enhances agri loan program | Daily Tribune

In a bid to make its loan program for farmers more accessible and easier, state-run banking institution Land Bank of the Philippines (LandBank) said it kicked off its enhanced lending program for tillers, as well as fisherfolk, and agribusinesses.

In a statement, LandBank said it is strengthening its support for the agriculture sector with the launch of the AGRISENSO Plus Lending Program on Friday, 22 November 2024 at the Candaba Action Center in Bgy. Mandasig, in collaboration with the Department of Agriculture, Department of Agrarian Reform, and other government and private partners.

“The AGRISENSO Plus Program, an enhanced version of LandBank’s existing initiative, is designed to deliver a full suite of support — featuring expanded eligibility, lower interest rates and simplified loan process to provide broader access to credit and other support interventions for small farmers, fishers, and agribusinesses, and other players in the agriculture value chain,” the bank said.

The program targets 10,000 small farmers, fishers, and agrarian reform beneficiaries to benefit from accessible credit assistance and capacity-building support to help improve productivity, enhance income, and advance sustainable growth.

LandBank President and CEO Lynette Ortiz said AGRISENSO Plus reflects LandBank’s commitment to providing holistic and meaningful support to the entire agriculture sector.

“Through strategic collaborations with public and private partners, we are complementing accessible credit with insurance benefits, capacity- building and other interventions to boost productivity, enhance income, drive sustainable growth, and contribute to national food security,” she added.

Also, the enhanced LandBank AGRISENSO Plus Program widens its scope to cover a broader range of beneficiaries, including small fishers, and micro, small and medium enterprises (MSMEs) involved in the agricultural value chain.

Eligible borrowers also include agriculture graduates, who will now be eligible to access the Program within three years after graduation, nurturing the next generation of agri-entrepreneurs.

Beyond financing, AGRISENSO Plus also provides small farmers, fishers, and ARB borrowers with free life insurance and credit life insurance.

Program borrowers are also qualified for training and capacity-building programs to enhance agricultural practices and business management skills, supporting more sustainable and resilient agribusinesses.

“LandBank has simplified the AGRISENSO Plus application process by reducing documentary requirements. Purchase Orders are no longer required for individual farmers, and endorsements from Irrigators’ Associations are no longer needed for farmers in irrigated areas. Meanwhile, ARBs who are also rice farmers now have the option to use endorsements from either the DAR or the NIA,” the LandBank official further stated.

The AGRISENSO Plus offers a fixed affordable interest rate of 4.0 percent per annum for small farmers, fishers and ARBs, while other borrowers benefit from a competitive rate of 6.5 percent- 7.5 percent per annum.