LandBank looking to surpass target of assisting 1M farmers in 2019

The Land Bank of the Philippines is set on track to hit or even surpass its target of assisting a million farmers this year, following threats of President Rodrigo Duterte to step up agricultural loans else face a shutdown.

According to LandBank president and CEO Cecilia Borromeo, the LandBank has already assisted over 940,000 farmers as of end-November.

"We will assist a million farmers this year and as of end of November, we're already at 940,000 farmers, so 60,000 more to go," she said in an interview with GMA News Online.

"I think so," she said, when asked if the 1-million target could even be surpassed.

Months earlier in July, Duterte threatened to abolish LandBank should the state-owned lender fail to present a plan to help farmers.

"I am asking Congress, 'pag wala sila (Landbank), if there is no viable plan for the farmers  and juts all commercial transactions, abolish it and give the money to congressmen for their development funds. Mas makakatulong ba diretso eh," Duterte said in his fourth State of the Nation Address.

According to Borromeo, LandBank's loan portfolio has already surpassed the target for agricultural production as of end-November.

"Our loan portfolio, we already surpassed the P231-billion target for agri, so we're on track," she elaborated. — RSJ, GMA News