Friday, December 3, 2010

LBP lends P7B to priority sectors in 2010

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Land Bank of the Philippines has lent a total of P7.01 billion to its priority sectors in Region XI, with the local government sector getting the highest loan portfolio of up to P4,942.05 billion as of the end of October 2010.

LBP XI regional head Vice President Camilo Leyba said the government is the best sector to lend money to, considering that it has a 100 percent repayment rate.

"The payment or amortization for their loans is already included in their yearly budget and is just debited to their accounts," Leyba said.

He admits they have a problem collecting from the small farmers who are most often faced with poor harvest and other problems that prevent them from paying their debts on time.

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