According to a report in the Philippine Business Mirror on May 8th, from January to March this year, the agricultural loans of the Philippine Land Bank (LBP) reached 271.8 billion pesos (approximately 33.9 billion yuan), an increase of 14.8% year-on-year. Among them, 42.3 billion pesos (approximately 5.28 billion yuan) of loans are distributed through cooperatives, farmers' associations, rural financial institutions, etc., directly benefiting small farmers and fishermen; 181.2 billion pesos (approximately 22.62 billion yuan) to support the development of agricultural enterprises; The remaining 48.3 billion pesos (approximately 6.03 billion yuan) will be used to support local governments and state-owned agricultural and water resource projects.
By industry, 64.5 billion pesos (approximately 8.05 billion yuan) are used for animal husbandry and crop production; 120 billion pesos (approximately 14.98 billion yuan) for agricultural product processing and trade; 87.3 billion pesos (approximately 10.9 billion yuan) will be used for the construction of important agricultural infrastructure, such as markets, roads, warehouses, cold storage, and irrigation systems.
LBP has a loan of 9.7 billion pesos (approximately 1.21 billion yuan) for rice cultivation and 643 million pesos (approximately 80.26 million yuan) for coconut industry. LBP also collaborated with the Philippine Ministry of Agriculture to distribute a total of 1.5 billion pesos (approximately 190 million yuan) in cash grants to 291000 farmers nationwide under the "Rice Competitiveness Enhancement Fund Rice Farmers Financial Assistance" (RCEF RFFA) program.
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