Landbank Releases P2.9 Billion in Loans to Support Filipino Rice Farmers
Manila: The Land Bank of the Philippines (Landbank) has distributed PHP2.89 billion in loans to almost 65,000 rice farmers through the Expanded Rice Credit Assistance of the Rice Competitiveness Enhancement Fund (ERCA-RCEF) over the past six years. According to Philippines News Agency, Landbank stated that from 2019 to 2024, the ERCA-RCEF program has benefitted 17,767 individual farmers and 270 cooperatives, which collectively have more than 47,100 members. A significant majority, 98 percent, of these loans have been allocated to individual rice farmers. The ERCA-RCEF initiative is designed to assist farmers in their rice production, post-harvest activities, and in acquiring farm