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Loans to agri sector 'quadrupled' in 2023
The Philippine Star
|April 11, 2024
The banking sector’s loan disbursements to the agriculture sector quadrupled last year after the government widened the number of projects considered as compliant with the 25 percent requirement, a member of the central bank’s Monetary Board said.
MB member Bruce Tolentino said the reforms made to the state's rules on loans extended to the agriculture sector, through Republic Act 11901 or the Agriculture, Fisheries and Rural Development Financing Enhancement Act of 2022, are now generating results for the country, especially in the banking system.
The latest law repealed RA 10000 or the Agri-Agra Law, paving the way for a broader base of projects considered compliant with the mandated 25 percent quota that banks must lend to the agriculture sector.
It made the credit quota more inclusive to the entire agricultural value chain by abolishing the mandated two-tier allocation between the entire agriculture sector and agrarian reform beneficiaries.
This story is from the April 11, 2024 edition of The Philippine Star.
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