THE state-owned Land Bank of the Philippines (LandBank) predicted their loans to agriculture and rural development to record a double-digit growth for 2023.

Landbank said in a statement that based on the outstanding loans to the entire agricultural value chain, it amounted to P755.1 billion as of end-December 2023.

This is higher by 23 percent from the PHP614.8 billion recorded in the third quarter.

They noted that the amount actually accounts for 51 percent of the bank's total loan portfolio last year.

Landbank also said that the growth was mainly driven by strategic financing for agriculture and fisheries production, sustainable projects, and public rural infrastructure under Republic Act No. 11901, otherwise known as “The Agriculture, Fisheries and Rural Development Financing Enhancement Act of 2022.”

On the other hand, LandBank had posted P255.2 billion was allocated for agriculture, fisheries and rural development backed rural infrastructure projects, such as public markets, highways, and transport systems.