LandBank backs RCEF extension
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LandBank has expressed its support for the passage of Republic Act 11954, which amends the Rice Tariffication Law, and for the seven-year extension of the Rice Competitiveness Enhancement Fund.
This extension aims to modernize the rice sector and improve the productivity and resilience of Filipino rice farmers.
As a key partner in implementing RCEF with the Department of Agriculture, LandBank provides low-interest credit assistance to rice farmers and cooperatives in major rice-producing regions.
Through the Expanded Rice Credit Assistance program, the bank has loaned P2.89 billion from 2019 to 2024, benefiting over 17,000 individual rice farmers and 270 cooperatives.
The funds supported activities such as rice production, milling, and the purchase of farm equipment.
LandBank president and CEO Lynette Ortiz reaffirmed the bank’s commitment to empowering Filipino rice farmers and strengthening agricultural competitiveness, which will enhance food security.
The bank continues to prioritize inclusive rural development, having lent P769.68 billion to agriculture, fisheries, and rural development as of October 2024, representing over half of its total loan portfolio.
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