Over 10,000 small farmers, fishers, and agrarian reform beneficiaries (ARBs) are set to benefit from the newly launched AGRISENSO Plus Lending Program, an enhanced initiative by the state-run Land Bank of the Philippines (Landbank) aimed at boosting agricultural value chains.
The program, launched on Nov. 22 at the Candaba Action Center in Barangay Mandasig, is a result of a collaboration between Landbank, the Department of Agriculture (DA), the Department of Agrarian Reform (DAR), and private sector partners.
According to Landbank, the AGRISENSO Plus Program, which was designed to improve productivity and income while advancing sustainable growth, offers expanded eligibility, lower interest rates, and a streamlined loan process.
Lynette V. Ortiz (LANDBANK PHOTO)
Lynette V. Ortiz, the President and CEO of Landbank, said the AGRISENSO Plus underscores Landbank’s dedication to delivering comprehensive and impactful assistance to the entire agriculture sector.
“Through strategic collaborations with public and private partners, we are complementing accessible credit with insurance benefits, capacity-building, and other interventions to boost productivity, enhance income, drive sustainable growth, and contribute to national food security,” she said in a statement.
Eligible beneficiaries, she said, include small farmers, fishers, agribusinesses, micro, small, and medium enterprises (MSMEs) in the agricultural value chain, and even new agriculture graduates within three years of completing their studies.
The program also offers free life and credit life insurance and provides borrowers access to training programs to improve their farming practices and business management skills, Ortiz added.
Key partners in the initiative include AGREA Agricultural Communities International Foundation, Inc., which will deliver capacity-building interventions, and private companies like SariSuki, KITA Agritech, and TAO Foods, which provide market access, technology, and sustainable food processing solutions.
To reduce barriers to access, Landbank said it has simplified loan application requirements. Purchase Orders are no longer needed for individual farmers, and endorsements from irrigators’ associations have been made optional for irrigated areas. Additionally, rice-farming ARBs can now seek endorsements from either the DAR or the National Irrigation Administration (NIA).
Ortiz said the program offers an annual fixed interest rate of 4 percent for small farmers, fishers, and ARBs, while other borrowers, such as MSMEs and larger enterprises, enjoy rates between 6.5 percent and 7.5 percent. Large enterprises lending to their partner cooperatives or ARBOs receive a concessional interest rate with a 0.5 percent discount.
Existing AGRISENSO borrowers will automatically transition to the enhanced AGRISENSO Plus features upon their next loan availment, Landbanksaid.
Applications are open at all Landbank Lending Centers and Branches, or via Landbank’s Customer Service Hotline at 028405700.