The Land Bank of the Philippines (LANDBANK) has released P933.9 million in interest-free loans to small farmers and fishers affected by the COVID-19 health pandemic, as of 31 December 2021.
Through the Expanded SURE Aid and Recovery Project (SURE Aid COVID-19), LANDBANK has delivered loan assistance to a total of 37,637 beneficiaries, utilizing 93.4% of the total P1-billion Program fund.
In partnership with the Department of Agriculture (DA), through the Agricultural Credit Policy Council (ACPC), the Expanded SURE Aid COVID-19 provides an immediate one-time, zero-interest, no collateral loan assistance of P25,000, payable in 10 years, to eligible small farmers and fishers nationwide.
“Extending timely support to farmers and fishers during the pandemic remains a priority for LANDBANK. We will continue to work closely with DA and ACPC towards building a stronger and more resilient agriculture sector,” said LANDBANK President and CEO Cecilia C. Borromeo.
Funded under Republic Act No. 11494 otherwise known as the “Bayanihan to Recover as One Act,” SURE Aid COVID-19 aims to finance the emergency and production capital requirements of small farmers and fishers whose livelihood are affected by the pandemic. The Program supports beneficiaries to allow them to continue their agricultural activities and contribute to sustained food production.
LANDBANK targets to extend the Program loans to as many as 40,000 farmers and fishers included in the validated list of eligible beneficiaries, provided by the DA through its Regional Offices for farmers, and the Bureau of Fisheries and Aquatic Resources (BFAR) Regional Offices for fishers.
The state-run Bank has released a total of P11.95 billion in loans which benefited 296,636 small farmers under various lending programs managed for the Agriculture Department as of 31 December 2021, which include the SURE Aid COVID-19 facility.
