To expand its reach and intensify support to the agriculture sector in Mindanao, the state-run Land Bank of the Philippines (LandBank) has recently opened two new lending centers in the provinces of Sultan Kudarat and Davao del Sur.
LandBank President and CEO Cecilia C. Borromeo was quoted in a statement as saying that the establishment of lending centers in the provinces of Sultan Kudarat and Davao del Sur is a testament to the bank’s “continued commitment to support inclusive economic growth in Mindanao.”
She said the new lending centers will provide financial services and credit assistance to clients in the area, notably local government units, small-scale and medium-scale enterprises, agrarian reform beneficiaries and small farmers and fishermen for agriculture production, equipment acquisition and working capital.
“This would also help us to reach more of our priority sectors—the small farmers and fishers who need our services the most,” added Borromeo.
The Province of Sultan Kudarat predominantly has an agricultural economy, and is known for producing crops such as rice, corn, coconuts, coffee, bananas, mangoes, durian and African palm. It is also home to a handful of producers of Irish potatoes. Likewise, the largest grains-processing complex in the country can be found in Tacurong City, the province’s commercial center.
Temporarily located in Koronadal City, the bank said its Sultan Kudarat lending center will service almost 17,000 small farmers and fishers in the province engaged in crop production, trading and fishing.
Meanwhile, Davao del Sur is one of the fastest growing provinces in Mindanao driven by the proliferation of agricultural businesses, according to LandBank. “With vast agricultural lands full of fertile soil and enriched by favorable climate, agriculture is the main source of livelihood in the province with farmers producing mainly coconut, rice, corn, bananas, cacao, coffee, fruits and vegetables.”
The bank added that its Davao del Sur lending center, located in Digos City, will provide various lending programs catered to more than 5,000 small farmers and fishers covering the provinces of Davao del Sur and Davao Occidental.
As of Novembe, the LandBank has a network of 53 lending centers in strategic areas nationwide. This is complemented by the bank’s 414 branches and extension offices across all 81 provinces in the country.