LANDBANK credit support to PH coconut sector reaches P4.27 billion

Landbank

The Land Bank of the Philippines (LANDBANK) continues to extend available and responsive credit assistance to coconut farmers and other industry stakeholders engaged in the production and processing of coconut-based products.

Under its Coconut Production and Processing Financing (Coco-Financing) Program, which has been in place since 2015, LANDBANK has cumulatively released P4.27 billion in loans that supported a total of 16 borrowers and 2,601 coconut farmer-beneficiaries.

The borrowers are composed of six (6) large enterprises/corporations, four (4) small and medium enterprises (SMEs), three (3) cooperatives, two (2) associations and one (1) non-governmental organization (NGO)—of which nine (9) have outstanding balance of P1.78 billion.

The LANDBANK Coco-Financing Program was developed to finance projects such as planting or replanting, rehabilitation, fertilization and processing of coconuts and its by-products.

As of June 30, 2021, LANDBANK’s total loans to the agriculture sector reached P223.02 billion. Of this amount, P17.39 billion supported crop production of which P340 million covered financing for the coconut industry.