State-owned Land Bank of the Philippines is offering a rehabilitation program for cavendish banana growers whose farms were destroyed by Typhoon “Pablo” (Bopha).
Under the loan program, banana growers—including cooperatives and small and medium enterprises—may avail of P430,000 financing per hectare, with a 6-percent interest rate fixed for 10 years.
The program will provide borrowers with more time to pay for the loan as they are given a grace period of two years on principal and interest.
In addition to the new loan, Land Bank is also looking into restructuring the existing banana production loans, under the same terms and conditions of the rehabilitation program.
“Land Bank is one with the Aquino Administration in its programs to help rehabilitate the banana industry in the typhoon-hit provinces by addressing the financing needs of banana growers,” said Land Bank President and CEO Gilda E. Pico.
Government figures show the industry suffered P7.44 billion in losses due to “Pablo,” which also left over 1,000 people dead mostly in Mindanao. About 154,446 metric tons (MT) of crops were destroyed leaving 25,90 hectares unrecoverable.
The Davao Region, which is the country’s top banana producer and the world’s third biggest banana producer, suffered the biggest loss.
On top of loan assistance, Land Bank also started the distribution of 4,000 sacks of rice and 14,000 bags of relief goods to typhoon victims which are part of its total donation of P12 million. Of the amount, P2 million were from Land Bank employees across the country.
Pico led the distribution of relief goods to beneficiaries in New Bataan in Compostela Valley, one of the hardest hit areas by the typhoon, this week. More than 200 Land Bank employees in Mindanao, including their families and friends, volunteered to pack the relief goods that were distributed. — KBK, GMA News
Under the loan program, banana growers—including cooperatives and small and medium enterprises—may avail of P430,000 financing per hectare, with a 6-percent interest rate fixed for 10 years.
The program will provide borrowers with more time to pay for the loan as they are given a grace period of two years on principal and interest.
In addition to the new loan, Land Bank is also looking into restructuring the existing banana production loans, under the same terms and conditions of the rehabilitation program.
“Land Bank is one with the Aquino Administration in its programs to help rehabilitate the banana industry in the typhoon-hit provinces by addressing the financing needs of banana growers,” said Land Bank President and CEO Gilda E. Pico.
Government figures show the industry suffered P7.44 billion in losses due to “Pablo,” which also left over 1,000 people dead mostly in Mindanao. About 154,446 metric tons (MT) of crops were destroyed leaving 25,90 hectares unrecoverable.
The Davao Region, which is the country’s top banana producer and the world’s third biggest banana producer, suffered the biggest loss.
On top of loan assistance, Land Bank also started the distribution of 4,000 sacks of rice and 14,000 bags of relief goods to typhoon victims which are part of its total donation of P12 million. Of the amount, P2 million were from Land Bank employees across the country.
Pico led the distribution of relief goods to beneficiaries in New Bataan in Compostela Valley, one of the hardest hit areas by the typhoon, this week. More than 200 Land Bank employees in Mindanao, including their families and friends, volunteered to pack the relief goods that were distributed. — KBK, GMA News
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