Bank lending to agri sector hits P1.7 T

Loans extended by banks to the agriculture sector reached P1.7 trillion in the first half of the year as banks allocated substantial resources for agriculture, fisheries and rural development (AFRD) financing, the Bangko Sentral ng Pilipinas (BSP) said.

- KEISHA TA-ASAN

In a report on the Philippine financial system for the first semester, the central bank said the total loanable funds for the mandatory AFRD financing under Republic Act 11901 stood at P912.7 billion as of end-June.

The BSP said banks allocated 192.4 percent of their total loans for AFRD financing as of end-June, significantly higher than the 36.4 percent allocated for agri-agra credit in the same period a year earlier.