LANDBANK launches financing focused on high-value crops
Land Bank of the Philippines (LANDBANK) has launched the nationwide implementation of the Sulong Saka Program, which is designed to promote wider crop diversification, particularly for high-value crops.
To be specific, LANDBANK has allotted a total of P10 billion for the program to help small farmers increase their production of high-value crops such as vegetables (highland, lowland, spices, legumes); fruits (mango, banana, pineapple); industrial crops (abaca, bamboo, coffee, cacao, rubber, oil palm); and alternative food staple crops (saba-cardaba, soybean, root crops).
“The Sulong Saka Program is part of our aggresive efforts to intensify support interventions to the agriculture sector. With this new lending program, we are helping our farmers avail of more financial support to increase their crop yield and in turn, increase income for their families,” LANBANK President and CEO Cecilia C. Borromeo said.
“At the same time, we want our farmers to consider engaging in high-value crop production to improve the country’s crop diversity, which is currently dominated by traditional crops like rice, corn, and coconut,” she added.
Aside from promoting crop production, the Sulong Saka Program also supports projects that involve the processing and marketing of high-value crops.
Farmers can apply for financial support for the establishment of nursery, budwood or mother and plant or parent clone gardens; new plantation, replanting, rejuvenation, and rehabilitation of old trees; post-harvest projects; as well as trading and export activities.
Individual small farm holders can apply for the loan with an affordable interest rate of 5 percent per annum.
Other eligible borrowers include small and medium enterprises (SMEs), cooperatives, farmer associations and organizations, large agribusiness enterprises and corporations, local government units (LGUs), non-government organizations (NGOs), and countryside financial institutions (CFIs).