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 machinery. This program is a part of Landbank’s commitment to implementing the Department of Agriculture’s (DA) RCEF, which aims to modernize the rice sector and enhance the resilience and productivity of Filipino farmers.

Landbank President Lynette Ortiz has expressed strong support for the extension of the RCEF program for an additional seven years, subsequent to the recent enactment of Republic Act 11954, which amends the Rice Tariffication Law (RTL). “Landbank fully supports the RCEF extension towards strengthening our collective efforts to empowering Filipino rice farmers and boosting agricultural competitiveness. This significant step will bolster food security and sustainability, and the Bank stands ready to continue its active role in supporting this initiative,” Ortiz stated.

As of October 2024, Landbank’s total loans to the agriculture sector have reached PHP769.68 billion, aiding over 3.93 million small farmers and fishers nationwide.