THE LAND Bank of the Philippines (LANDBANK) said outstanding loans to the fisheries sector hit P2.8 billion at the end of November.
In a statement Thursday, the state-run bank said that it offers lending programs designed to boost fisheries production.
Its product lines include a sustainable aquaculture lending program, which finances fishers’ associations, cooperatives or federations, non-government organizations (NGOs), micro, small and medium enterprises (MSMEs), large agribusiness enterprises, and countryside financial institutions (CFIs).
The facility can be used to fund breeding, hatchery, nursery, production, culture, seaweed farming, processing, trading, and other such activities.
“The program is anchored on institutional buyers or processing and canning companies linked with fishers’ cooperatives associations or MSMEs as growers or suppliers,” it said.
LANDBANK also offers a commercial fishing vessel financing program for vessels intended for domestic or overseas use.
“The program caters to single proprietorships, partnerships, cooperatives and corporations, for the purchase or acquisition of brand-new, second-hand or refurbished commercial fishing boats and related equipment,” the bank added. — Luisa Maria Jacina C. Jocson