MANILA — The Department of Agrarian Reform (DAR) announced the launch of a new P10 billion lending program by the Land Bank of the Philippines (LandBank) designed to support agrarian reform beneficiaries (ARBs) and enhance the entire agricultural value chain in the Philippines.
According to the Philippines News Agency, the “AgriSenso” program aims to advance food security and agricultural sufficiency across the country. LandBank Executive Vice President Alex Lorayes detailed that the initiative targets at least 5,000 borrowers from the agrarian sector, with an initial allocation of PHP500 million. “This program offers affordable financing options at a 7 percent annual interest rate, aiding ARBs and the broader agricultural value chain,” Lorayes stated.
The program began accepting applications in July, marking a significant step towards improving agricultural productivity and sustainability. Agrarian Reform Secretary Conrado Estrella III highlighted the collaborative nature of AgriSenso, involving multiple government agencies such as the Department of Agriculture, the Agricultural Credit Policy Council, and the National Irrigation Administration. “Our strategy promotes cluster farming managed by cooperatives and farmer associations, ensuring a comprehensive support system for our beneficiaries,” Estrella explained.
LandBank has committed to ongoing support for the government’s intensified efforts to aid farmers, aiming to foster a more productive and sustainable agricultural sector.