Landbank provided P1.55B loans to sugarcane sector from Jan.-Apr.

State-run Land Bank of the Philippines on Thursday said it has extended over P1 billion in loans to the sugarcane sector from January to April this year as it continues support to the industry.

In a statement, Landbank said, as of end-April 2023, it has provided a total of P1.55 billion in outstanding loans to the sugarcane industry.

The bank said of the total loan disbursements, it released P700.45 million under its Socialized Credit Program-Sugarcane Industry Development Act (SCP-SIDA), which benefitted a total of 4,366 individuals.

In partnership with the Sugar Regulatory Administration (SRA), the SCP-SIDA has provided support to 2,577 borrowers, composed of 2,567 individual small farmers, four cooperatives, five associations and one micro, small, and medium enterprise from 16 different provinces nationwide, according to the Landbank.

"Landbank is committed to driving growth in all industries of the agricultural sector. This includes pushing for sustainability and increasing the production and income of sugarcane farmers and workers," said Landbank president and CEO Lynette Ortiz.

The lender said the SCP-SIDA aims to optimize the productivity of sugarcane farms by promoting advanced and cost-efficient farming practices, enabling farmers to invest in modern farming techniques, procure high-quality inputs, and acquire necessary equipment for higher yields and improved crop quality.

The SCP-SIDA has a low interest rate of 2% per annum.—AOL, GMA Integrated News