In its continued support of the sugar industry, the Land Bank of the Philippines
(LANDBANK) has extended a total of P1.55 billion in outstanding loans to the
sugarcane sector as of April 2023.
Of the total disbursements, a cumulative release of P700.45 million in loans have
benefitted a total of 4,366 individuals under the Socialized Credit Program-
Sugarcane Industry Development Act (SCP-SIDA).
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.
"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 V.
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.
Rodolfo Medina, Chairman of the Dampe Palay and Sugarcane Producers
Cooperative in Pampanga, attests to the positive impact of the SCP-SIDA program
on their cooperative.
"Thanks to SCP-SIDA, our cooperative has experienced remarkable growth, and our
members' livelihoods have significantly improved. We are immensely grateful to
LANDBANK and SRA for their unwavering support and commitment to the sugarcane
industry," said Mr. Medina.
Through the financial support under SCP-SIDA with a low interest rate of 2% per
annum, the cooperative was able to procure a tractor, combine harvester, and a ten-
wheeler truck to enhance their harvesting and production processes.
LANDBANK and SRA remain steadfast in their collective commitment to supporting
sugarcane farmers address the emerging challenges and capitalize on new
opportunities in the industry.