Landbank releases P2.9B in loans for farmers under RCEF

The Land Bank of the Philippines (Landbank) has released PHP2.89 billion in loans to nearly 65,000 rice farmers over the past six years under the Expanded Rice Credit Assistance of the Rice Competitiveness Enhancement Fund (ERCA-RCEF).

In a statement Monday, Landbank said that from 2019 to 2024, the ERCA-RCEF has benefitted 17,767 individual farmers and 270 cooperatives, with more than 47,100 members. Majority, or 98 percent, of the borrowers are individual rice farmers.

The ERCA-RCEF supports farmers in their rice production and post-harvest activities as well as acquiring farm machinery.

The initiative is part of Landbank’s role in implementing the Department of Agriculture’s (DA) RCEF, aiming to modernize the rice sector and improve the resilience and productivity of Filipino farmers.

Landbank President Lynette Ortiz also expressed full support for the extension of the RCEF program for another seven years, following the recent passage of Republic Act 11954, amending the Rice Tariffication Law (RTL).

“Landbank fully supports the RCEF extension towards strengthening our collective efforts to empowering Filipino rice farmers and boosting agricultural competitiveness. This significant step will bolster food security and sustainability, and the Bank stands ready to continue its active role in supporting this initiative,” the head of the state-run bank said.

As of October 2024, Landbank’s total loans to the agriculture sector have reached PHP769.68 billion, supporting more than 3.93 million small farmers and fishers across the country. (PNA)

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