LANDBANK welcomes RCEF extension until 2031

LANDBANK welcomed the recent passage of Republic Act No. 11954 as amendment to the Rice Tariffication Law (RTL), and expressed full support for the extension of the Rice Competitiveness Enhancement Fund (RCEF) for another seven years, aimed to accelerate modernization in the rice sector and strengthen the resilience and productivity of Filipino rice farmers.

As one of the implementers of RCEF in partnership with Department of Agriculture (DA), LANDBANK delivers credit assistance at low-interest rates with simplified processes to ensure accessibility for individual rice farmers and cooperatives in major rice producing provinces.

Under the Expanded Rice Credit Assistance of the Rice Competitiveness Enhancement Fund (ERCA-RCEF), LANDBANK has extended P2.89 billion in loans to support rice production and post-harvest activities from 2019 to 2024.

LANDBANK’s loans have benefitted 17,767 individual rice farmers and 270 cooperatives with more than 47,100 member-beneficiaries, which were channeled for palay production, milling and trading, re-lending, and the acquisition of farm machineries. Notably, 98% of LANDBANK’s direct borrowers under the program are individual rice farmers.

“LANDBANK fully supports the RCEF extension towards strengthening our collective efforts to empowering Filipino rice farmers and boosting agricultural competitiveness. This significant step will bolster food security and sustainability, and the Bank stands ready to continue its active role in supporting this initiative,” said LANDBANK President and CEO Lynette V. Ortiz.

LANDBANK has remained faithful to its social mandate of promoting inclusive and sustainable development as the biggest credit provider to the agriculture sector servicing all components of the agriculture value chain.

As of October 2024, the Bank has extended outstanding loans amounting to P769.68 billion in support of agriculture, fisheries and rural development under Republic Act No. 11901, otherwise known as “The Agriculture, Fisheries and Rural Development Financing Enhancement Act of 2022.”

LANDBANK’s investments in promoting countryside development of P769.68 billion represents 55.5% of the Bank’s total P1.387 trillion gross loan portfolio.

The Bank has also assisted a total of 3.93 million small farmers and fishers nationwide through loans and various support interventions.

ABOUT LANDBANK

LANDBANK is the largest development financial institution in the Philippines promoting financial inclusion, digital transformation, and sustainable national development. Present in all 82 provinces in the country, the Bank is committed to provide accessible and responsive financial solutions to empower Filipinos from countryside to countrywide.