LandBank says Q1 lending up 13%

Land Bank of the Philippines on Wednesday said its loan portfolio grew 13 percent to P274 billion in the first quarter from P243 billion a year earlier, driven by an 18 percent increase in lending to its mandated priority sectors.  

 

President & CEO Gilda Pico noted the state-run lender's priority sectors comprised 76.3 percent of the bank’s loan portfolio. 

 

Loans to small farmers and fisherfolk, microenterprises and small and medium enterprises expanded by 18 percent to P209.1 billion from P176.7 billion in the same comparable period, Pico said.

 

“We are more committed than ever to build on gains made as we further intensify our support to farmers, fisherfolk, and our other priority sectors in pursuit of our countryside development mandate,” she added.

 

In terms of regional distribution, loans were largely disbursed to Central Visayas, Central Luzon and Southern Mindanao, LandBank said. — VS, GMA News