LandBank cites co-op’s ₧300 million loan’s benefits

LANDBANK of the Philippines announced last Monday it is continuing to fund agriculture initiatives in Misamis Occidental.

LandBank’s statement noted that the Misamis Occidental-based Lorenzo Tan Multi-Purpose Co-operative (LTMPC) has remained responsive to the financial needs of its members, with funding the state-run lender.

LandBank said the P300-million rediscounting loan line it released in 2020 allowed LTMPC to sustain its lending operations and finance the needs of its nearly 80,000 members, of whom 31,000 are farmers, fishers and agrarian reform beneficiaries (ARBs).

“The loan helped LTMPC support farmers and fishers in purchasing production requirements, such as farm inputs and seedlings. It also provided for the needs of micro and small entrepreneurs, overseas Filipino workers and pensioner-members amid the economic challenges brought about by the pandemic,” the bank said in a statement.

The bank said that LTMPC has also provided its members with essential goods, such as groceries and rice, including free medical check-ups at the co-operative’s community hospital in Zamboanga del Sur.

As of end-September, Landbank’s outstanding loans to the agriculture sector have reached P228.21 billion, of which P21.53 billion directly benefited small farmers and fishers channeled through cooperatives and farmers’ associations.

“LandBank recognizes the essential role of cooperatives in promoting economic recovery and resiliency in their local communities,” LandBank President and CEO Cecilia C. Borromeo was quoted in the statement as saying. “We stand ready to bolster their support interventions as we continue to rise together in the new normal.”

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