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  • Writer's pictureBy The Financial District

RCEP Loan Releases Hit ₱2.2-B

The Land Bank of the Philippines (LandBank) has disbursed P2.2 billion in loans to rice farmers and cooperatives as of the end of July, with the aim of enhancing local rice production in the country.

LandBank has extended loans to 13,701 rice farmers since 2019. I Photo: Land Bank of the Philippines Facebook

LandBank reported that it has extended loans to 13,701 rice farmers since 2019, when the Expanded Rice Credit Assistance under the Rice Competitiveness Enhancement Fund (ERCA-RCEF) was initiated.

"LandBank is actively contributing to the strengthening of local rice production by offering accessible and responsive financial assistance to rice farmers. Through our partnership with the Department of Agriculture (DA), the ERCA-RCEF program is part of our commitment to advancing the agricultural sector and empowering Filipino farmers," stated LandBank President and Chief Executive Officer Lynette Ortiz.

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