LandBank loans to SOCCSKSARGEN reach P2.53-B in 2005
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Koronadal City (17 March) -- The Land Bank of the Philippines' total loans to priority sectors in SOCCSKSARGEN (South Cotabato, Cotabato, Sultan Kudarat, Sarangani, and General Santos City) reached P2.38 billion as of the end of 2005, 3% or P70 million higer than the P2.31 billion registered in 2004. Land Bank's priority sectors include the small farmers and fisherfolk, small and medium enterprises (SMEs) and microenterprises, agribusiness and agri-infrastructure. Land Bank Vice President Wesly C. Magnaye, SOCCSKSARGEN Region Head stressed that the P2.38 billion is 94% of the region's total loan portfolio of P2.35 billion last year. "Land Bank's loan assistance to its priority sectors in the region reflects our strong support for key sectors that spur economic growth in the countryside. This is also the bank's commitment to shift our resources to our mandated clients and to continue channeling our resources to these pump primers of the local economy," Magnaye also said. Land Bank's loans to small farmers and fisherfolk reached P1.28 billion and garnered that largest share at 50 percent and assisted 20, 790 beneficiaries whiles loans to small and medium enterprises reached P348 million. Share of loans for agri-infrastructure projects of LGU reached P346 million, while share of loans for agribusiness and livelihood projects reached P306 million and P99 million, respectively. |