MANILA -- As part of its intensified support to the agriculture sector, the Land Bank of the Philippines (LANDBANK) kicked off a series of virtual forums to discuss with local agri players opportunities towards modernizing the industry, while also ensuring food security.
Finance Secretary and LANDBANK Chairman Benjamin E. Diokno and LANDBANK President and CEO Cecilia C. Borromeo led the first run of the LANDBANK AgriSenso Virtual Forums on 15 August 2022, which gathered contract grower-investors, integrators, and other key players from the poultry industry.
“Through the AgriSenso Virtual Forums, we hope to sustain our engagement with agri stakeholders from all over the country, and to foster greater collaboration. LANDBANK continues to service the development requirements of the agricultural sector through accessible and responsive lending programs,” said President and CEO Borromeo.
The AgriSenso Virtual Forums also address the request of customers to learn more about the Bank’s available credit facilities, as noted during the Online Stakeholder’s Consultation Forum conducted by the Bank last year.
“LANDBANK is at the forefront of supporting key players in the agriculture sector by ensuring that the entire agri value chain has access to much-needed credit and other financial services. How to access the services to meet your diverse needs is, hopefully, what you can take away from today’s forum,” said Secretary Diokno to the forum’s participants.
Each session of the AgriSenso Virtual Forums will focus on a specific agriculture industry, with industry experts and players invited to share insights and successful initiatives, as well as the development plans of the government for each industry.
The first LANDBANK AgriSenso Virtual Forum put the spotlight on the poultry industry and featured United Broiler Raisers Association President Atty. Elias Jose M. Inciong and Ana’s Breeders Farms, Inc. (ABFI) President and CEO Jonathan O. Suy, who shared about challenges facing the industry and innovative ways to meet consumers’ evolving needs.
Meanwhile, Department of Agriculture Assistant Secretary and Bureau of Animal Industry Officer-in-Charge Director Reildrin G. Morales discussed the National Government’s development roadmap for the local poultry sector.
LANDBANK Poultry Lending Program
For his part, LANDBANK Program Management Department I, Assistant Vice President Edgardo S. Luzano discussed the Bank’s Poultry Lending Program, designed to help promote sustainable and competitive poultry production.
The Lending Program offers financial support to qualified cooperatives, micro, small and medium enterprises, large agri-business enterprises and corporations for the production of broilers, layers, breeders, ducks, quails, ostrich, turkey and other poultry animals, as well as for ancillary or allied businesses, such as feed mill, dressing plant, and hatchery.
Under the Program, up to 80% of the total project cost may be borrowed with an interest rate based on the prevailing market rate, depending on the term of the loan and credit rating of the borrowers. Short term loans are payable up to one year, while term loans are payable based on project cash flow or payback period but not more than the economic useful life of fixed assets.
Since April 2015, LANDBANK has approved loans totaling P26.9 billion under the Poultry Lending Program, with outstanding loans amounting to P12.5 billion supporting 400 borrowers as of end-June 2022.
The next run of the LANDBANK AgriSenso Virtual Forum will be held on 30 August 2022 to discuss opportunities for growth for the livestock industry.
Through the years, LANDBANK has grown into one of the leading universal banks in the country, while remaining faithful to its social mandate to promote inclusive and sustainable development. On 8 August 2022, the Bank celebrated its 59th anniversary, representing almost six decades of service to the nation. (LANDBANK)
