Pototan: The Land Bank of the Philippines (LBP) has made financing and other support services accessible to farmers in Western Visayas with the launch of its Agrisenso Plus Lending Program in the municipality of Pototan in Iloilo on Friday.
According to Philippines News Agency, Agrisenso (Strategic and Enhanced Delivery of Support and Opportunities) is a comprehensive value chain-based financing initiative developed by LBP in partnership with the Department of Agriculture, Department of Agrarian Reform, Agricultural Credit Policy Council, and other private sector partners.
LBP President and Chief Executive Officer Lynette Ortiz emphasized the program's goal to provide farmers with access to capital to sustain food security in the country. Ortiz stated that a total of PHP12 billion is expected to be deployed, with PHP10 billion from LBP's balance sheet and PHP2 billion from additional support.
Ortiz highlighted that Agrisenso is crucial for Landbank as it addresses the needs of farmers, fisherfolk, micro, small, and medium enterprises (MSMEs), and large farms. The program supports various crops, including high-value ones, alongside rice, and aims to assist 10,000 farmers this year, with nearly 7,000 already benefiting from it.
The program includes free life and credit insurance, expanded financing, and technical support for diverse agricultural activities, with simplified documentation requirements. It offers a fixed interest rate of 4 percent for small farmers, fishers, and agrarian reform beneficiaries, and competitive rates for associations, MSMEs, large enterprises, anchor firms, and agriculture graduates.
LBP First Vice President for Agriculture and Sustainable Development Group Eden Japitana explained that the repayment period depends on the type of project funded, with interest calculated up to the exact number of days when early payment is made.
Agrisenso Plus is supported by the LandBank Agri-Fishery Support through Capability Enhancement for Nationwide Development (ASCEND) program, which offers training on digital financial literacy, sustainable agriculture, and enterprise development to farmers and fishers.
The launch event attracted around 1,800 farmers from Iloilo, with 30 initial beneficiaries receiving their Agrisenso Plus card, a specially designed savings account for the sector. Dignitaries such as Agriculture Undersecretary Asis Perez, Philippine Crop Insurance Corp. President Jovy Bernabe, and Pototan Mayor Rafael Enrique Lazaro attended the launch.
