By: Orti Despuez, InterAksyon.com November 25, 2013 1:06 PM
MANILA – Land Bank of the Philippines lent out 16 percent more of the money entrusted to it by depositors in the first nine months of the year.
In a statement, Landbank president Gilda Pico said it had P280 billion worth of loans outstanding in the January to September period, higher than the P241.9 billion in the same nine months of last year.
Loans to priority sectors – these include small farmers and fisherfolk, micro and small and medium enterprises (MSMEs), agri-aqua related projects of local government units (LGUs) and government-owned or controlled corporations (GOCCs), socialized to medium cost housing, and utilities – stood at P221.7 billion, equivalent to 79.2 percent of the state-owned lender's total portfolio.
Small farmers and fisherfolk cornered 10 percent of the total loans outstanding, and was 15 percent higher year-on-year.
Another 10 percent of the loans were granted to MSMEs, and was 21 percent more than a year ago, while lending to the housing sector comprised less than 10 percent.
Agri-aqua projects of LGUs and GOCCs cornered a higher 16 percent of total loans, while the utilities sector had 12 percent.
“The consistent growth in our loan portfolio, particularly our loans to our priority sectors, is solid testament of Landbank’s aggressive support to the government’s thrust towards inclusive growth and our relentless commitment to nurture progress in the rural areas,” Pico said.