DUMAGUETE CITY, Negros Oriental, Feb. 7 (PIA) -- The Land Bank of the Philippines (LandBank) here introduced seven new agri-lending schemes along with seven other existing loan programs that help address the specific requirements of the farmers, fishers, and small and medium enterprises (SMEs).

In a Kapihan sa PIA forum, Loel Zamora, head of LBP Lending Center, said the state-run bank aggressively provides financial assistance to the agriculture sector to increase productivity and income despite the challenges of COVID-19 pandemic.

Zamora presented LandBank’s new lending or loan programs for agriculture sector in the province, which includes Agricultural Competitiveness Enhancement Fund (ACEF), Rice Competitiveness Enhancement Fund (RCEF), Socialized Credit Program under the Sugarcane Industry Development Act (SCP-SIDA), Survival and Recovery Assistance (SURE Aid), Special Package for Environment-Friendly and Efficiently-Driven Public Utility Vehicles (SPEED PUV), Accessible Funds for Delivery to ARBs (AFFORD-ARBs), and Enhanced Partnership Against Hunger and Poverty (EPA-HP) program.

In coordination with local agriculture department and other government partners, Zamora said farmer-beneficiaries can avail of immediate affordable financial assistance with as low as 2% interest rate per annum.

Individual farmers and fishers may use the loan under the ACEF for the purchase of farm inputs and equipment or for farm improvement.

Zamora said under RCEF-RFFA, a cash grant is distributed to registered rice farmers with landholdings of two hectares and below, in line with the implementation of the Rice Tariffication Law (RTL).

In support of the development of the province’s sugar industry, LandBank and the Sugar Regulatory Administration also offer funding assistance sugar farmers.

For small rice farmers tilling one hectare of land and below, they can avail through the SURE Aid an immediate credit assistance of P15,000 per borrower with zero interest and no collateral.

The LandBank official also went over the regular loan programs offered by the lending center of LBP such as SMEs Credit Facility, lending program for local government units (LGUs), Financing for Banana, Cacao, Kawayan, Milk, and Rubber production.

LBP provides financial assistance to the agriculture sector for countryside development and poverty alleviation.

It is the biggest credit provider to small farmers and fishers, and microenterprises among government financial institutions. (JCT/PIA7 Negros Oriental)