To strengthen the Philippine coconut industry: LANDBANK opens new credit window to support coconut farmers

In line with supporting the country’s coconut industry, the Land Bank of the Philippines
(LANDBANK) is offering a new affordable credit facility to coconut farmers to increase
production and income especially in coconut-producing communities nationwide.

Under the LANDBANK Coconut Farmers and Industry Development (CFID) Lending
Program, eligible coconut farmers, cooperatives and associations can access financing
for various projects, including the establishment of intercrops and poultry or livestock
integration in coconut farms.

Individual coconut farmers can use the loan to increase production and working
capital, to acquire machines and equipment, and establish necessary facilities. Coconut
cooperatives and associations can also utilize the financing for relending and
rediscounting to their members.

The LANDBANK CFID Lending Program supports the Coconut Farmers and Industry
Development Plan (CFIDP) spearheaded by the Department of Agriculture (DA) and
the Philippine Coconut Authority (PCA), which outlines the policies and directions to
rehabilitate and modernize the Philippine coconut industry.

“The CFID Lending Program forms part of the National Government’s whole-of-nation
approach towards providing meaningful investments to the coconut industry.

LANDBANK remains committed to providing accessible and affordable credit to
coconut farmers nationwide to help improve their livelihood,” said LANDBANK
President and CEO Cecilia Cayosa Borromeo.

Under the CFID Lending Program, LANDBANK will provide short-term and long-term
loans of at least P1 million, with a fixed affordable interest rate of 2% per annum.

The loan program has a total P333.3 million fund composed of P83.3 million or 25%
from LANDBANK funds and P250 million or 75% from the Credit Component Allocation
under the Coconut Farmers Industry Trust Fund (CFITF) Act, which was signed by
former President Rodrigo Duterte in February 2021.

The LANDBANK CFID Lending Program will run until 2071 to accommodate as many
players from the coconut industry as possible.

Interested borrowers may contact the nearest open LANDBANK Lending Center or
Branch nationwide, or call LANDBANK’s customer service hotline at (02) 8-405-7000
or at PLDT Domestic Toll Free 1-800-10-405-7000.

Facebook Comments