Two cooperatives named top LandBank loan borrowers
LINGAYEN—Two cooperatives in the province were among the top five cooperative borrowers of Land Bank of the Philippines’ P4.74 billion loan package granted to members of the priority sectors in Region 1 and Western Cordillera Administrative Region (CAR).
Filipina Monje, assistant vice president and head of LandBank in Region 1 and Western CAR, identified the two as Biba Diwa Multi-Purpose Cooperative in Malasiqui and the SRT Alcala Coop of Pangasinan.
The other top five cooperative borrowers were Dream Development Cooperative in Dingras, Ilocos Norte; Tagudin MPC in Tagudin, Ilocos Sur, and Universal MPC in La Trinidad, Benguet.
The priority sectors of LandBank are small farmers and fisherfolks (SFF), cooperatives, small and medium entrepreneurs (SME’s) and micro-enterprises, agri-infrastructure projects of local government units, agri-related projects of government-owned and controlled corporations, livelihood loans, agri-businesses, environment-related projects, socialized housing, schools and hospitals.
Monje, speaking at a press conference Thursday, said of the P4.88 billion loans released, 19 percent or P907.25 million went to SFF coops and other financial conduits such as rural banks, irrigators’ associations, and farmers’ organizations, benefiting close to 15,131 farmers and fisherfolks.
Monje said the bank’s total loans to SME in Region 1 and Western CAR reached P1.31 billion as of end 2009.
Meanwhile, Countryside Financial Institutions’s grew by 51 percent to P571 million from P380 million a year ago.
Loans to local government units in the two regions were recorded at P2.08 billion.
LandBank also released P520 million for rice production in 2009 thru cooperatives, irrigators’ associations, farmers’ organizations, and rice millers.
All these benefited 10,164 farmers covering 17,638 hectares.
“Our sustained efforts to deliver credit assistance to our development partners particularly the small farmers and fisherfolk cooperatives, micro enterprises and SMEs in Region 1 and Western CAR is in support of the overall commitment of LandBank to spur growth and progress in the countryside,” Monje said.—LM
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