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Manila Bulletin devider devider Landbank gets P2 B from JICA to finance Mindanao's agri sector

Landbank gets P2 B from JICA to finance Mindanao's agri sector

Published Sep 4, 2018 12:00 am
By Madelaine B. Miraflor Land Bank logo (Courtesy of landbank.com)   Land Bank of the Philippines (Landbank) has secured a funding worth P2 billion from Japan International Cooperation Agency (JICA) specifically to support the agriculture sector in and around the Autonomous Region in Muslim Mindanao (ARMM) and other conflict-affected areas in Mindanao. The agribusiness lending facility worth ¥4.928 billion or P2.12 billion is an official development assistance (ODA) from JICA. The loan seeks to provide concessional loans to small and medium enterprises (SMEs), corporatives (plantation farm management services), large agribusiness enterprises, cooperatives, and participating financial institutions in ARMM and other conflict-affected neighboring areas. This five-year relending facility will give private enterprises access to a credit line with LANDBANK for their capital investments, operations, expansion initiatives and agriculture-related projects that support agri-related economic activities in the region. “By improving access to finance and stimulating economic activities, the cooperation aims to help create jobs, improve living standards, and contribute to peace building,” said JICA Philippines Senior Representative Yo Ebisawa. In the Philippines, farmers remain one of the country’s poorest sectors with poverty incidence as high as 34.3 percent, based on a 2015 report released by the Philippine Statistics Authority. Situations are worse in conflict-affected areas. “Giving them access to finance will help sustain job creation and raise their productivity through equipment and trainings, while also boosting the region’s agro-industry sector,” Ebisawa added. Under the program, JICA will provide human resource training and technical assistance to Landbank, agriculture cooperatives, and other participating institutions. “Through this investment opportunities in agribusiness, we hope to help fuel growth in a region beleaguered by decades-old conflict and ultimately uplift the quality of lives of our fellow Filipinos in these communities,” Landbank President and CEO Alex V. Buenaventura said. Aside from finance support, availers of loans under the project will also be provided with technical assistance in the form of capacity-building trainings, seminars, and market linkage initiatives.
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