Landbank East Visayas loans reach P10B
TACLOBAN CITY -- Landbank Eastern Visayas recorded deposits totaling P10 billion in the first quarter, more than double the amount of loans released last year.
“This means that we are sending funds to other regions for the government’s financing programs,” said Alex A. Lorayes, Landbank assistant vice president for Eastern Visayas, in an interview.
“This could also mean that local investors are hesitant to part with their money to put up or expand their businesses,” he added.
Eastern Visayas ranks first in terms of Landbank performance in the Visayas and third in the whole country, he claimed.
“The amount represents only the deposits in our bank. There’s a lot of money in the region, including deposits in private banks,” Mr. Lorayes added.
The total loans released as of last year reached only P4.6 billion.
Of the loan amount released, P4.4 billion was intended for farm-related activities and only P150 million for small and medium enterprises.
Landbank loans have benefited 28,420 individuals, mostly small farmers and fisherfolks, according to Mr. Lorayes. The bank noted a repayment rate of 99.6% last year.
He said the bank has been assisting small entrepreneurs and producers in the region in identifying markets for their products aside from providing them with credit access.
Economic activities regularly financed by the Landbank include crop production, livestock, fishery activities, agricultural services, marketing loans, and agro-processing.
The bank plans to open four more branches in the region in the next two years. It operates 11 branches here at present. -- Sarwell Q. Meniano
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CARLOS ANI - SEEDFINANCE Corporation - http://www.seedfinance.net
Email: carlosani@seedfinance.net
Landline: +63495010127 Cellphone: +639152919580
DEVJOBS - http://www.devjobsmail.com
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