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BusinessWorld
May 20, 2021 | 12:02 am
LAND BANK of the Philippines (LANDBANK) has disbursed P7.5 billion in loans and cash grants to rice farmers since the signing of Republic Act No. 11203 or the Rice Tariffication Law in 2019.Â
In a statement on Wednesday, the state-led bank said it has lent P7.5 billion as of April 30, which benefited 962,126 rice farmers across the country.
Of the total, P1.03 billion in cumulative loans were granted to 6,218 eligible borrowers under the Expanded Rice Credit Assistance (ERCA), which is part of the Rice Competitiveness Enhancement Fund (RCEF).Â
âAvailable until 2024, LANDBANK will lend up to P500 million in credit assistance annually under ERCA-RCEF to rice farmers in 38 rice-producing provinces at affordable interest rates, with minimum documentary requirements,â it said.Â