200 farmers, fisherfolk receive LBP loans, livelihood aid

By Sally A. Altea

LEGAZPI CITY --- More than 200 farmers and fisherfolk in Albay received financial assistance through the AGRISENSO Plus Lending Program of the Land Bank of the Philippines (LandBank), giving them access to affordable credit and livelihood support to help expand their agricultural enterprises.

The financial support was distributed during the Uswag, Oragon MSME Fair at Albay Astrodome last week.

LandBank President and Chief Executive Officer Lynette Ortiz said that the program is designed to help farmers and fisherfolk become agripreneurs by providing financing that allows them to improve production and increase their incomes.

“What we are trying to do at LandBank is provide financing that will help fund your farms so you can become agripreneurs and uplift the lives of your families and communities,” Ortiz said.

LandBank First Vice President Eden Japitana said that the AGRISENSO Plus Lending Program supports the implementation of the Sagip Saka Law by offering a comprehensive financing package that addresses the needs of farmers across various agricultural sectors.

“LandBank has created a comprehensive program to address the needs of farmers. We can support and provide financial assistance to nearly all agricultural commodities,” Japitana said, speaking in Filipino.

Under the program, individual borrowers can access loans at an annual interest rate of 3 percent, while cooperatives are charged 5 percent. Eligible borrowers can receive loans covering up to 90 percent of their production costs or up to 80 percent of the costs for acquiring fixed assets.

Albay Governor Noel Rosal welcomed the initiative, noting that it comes at a crucial time as many farmers continue to recover from the effects of the recent volcanic activity of Mayon Volcano.

“This is now more relevant to their livelihood. The situation is difficult because Mayon is still unpredictable. This will allow them to increase their capital, and the best part is that the interest rates are very low,” Rosal stated.

In addition to financial assistance, beneficiaries will also participate in entrepreneurship and financial management training through the ASCEND Program, which aims to strengthen their business skills, improve productivity, and increase their earning potential.

For 43-year-old farmer Jhoben Roaring from Barangay Paulba, Ligao City, the loan represents an opportunity to expand his livestock enterprise.

“I will use my AGRISENSO loan to buy breeders. I plan to increase my stock of hens and will strive to pay off the loan within three years to maintain a good credit record,” Roaring said.

He also expressed gratitude to the national government for the continued support extended to farmers in Albay.

Another beneficiary, Alicia Porpozuela from Ligao City, mentioned that the loan will help her restart and expand her vegetable production after her crops were damaged by ashfall from Mayon Volcano.

“The LandBank AGRISENSO Lending Program is a significant help because we small farmers often lack capital. We are grateful for this program, as it greatly supports our livelihoods,” she stated.

The AGRISENSO Plus Lending Program aims to enhance food security by providing farmers with affordable financing and essential skills to build sustainable agricultural enterprises. (Raiza Lucido contributed to this report/PIA Bicol/Albay)