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Over P1B loans provided to PH's sugarcane sector

Philippines | National

Over P1B loans provided to PH's sugarcane sector

By Jel Santos

The state-run Landbank of the Philippines (Landbank) has so far given over P1 billion in loans to the country’s sugarcane sector. In a press statement released on Thursday, June 1, the bank bared that it has provided P1.55 billion in loans to the sugarcane industry from January to April this year. “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),” it noted. In collaboration with the Sugar Regulatory Administration (SRA), the SCP-SIDA has assisted 2,577 borrowers from 16 different provinces around the country, including 2,567 individual small farmers, four cooperatives, five associations, and one Micro, Small, and Medium Enterprise. Landbank President and CEO Lynette V. Ortiz said the state-run bank 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," she went on. The SCP-SIDA program seeks to boost sugarcane farm productivity by supporting advanced and cost-effective farming practices, allowing farmers to invest in contemporary farming techniques, obtain high-quality inputs, and buy necessary equipmen

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