LAND BANK of the Philippines (LANDBANK) has partnered with Yovel East Research and Development, Inc. to expand its AGRISENSO Plus lending program.
LANDBANK and Yovel East signed a memorandum of agreement to formalize the partnership on Jan. 14, the state-run bank said in a statement on Tuesday.
Under the agreement, Yovel East will endorse potential borrowers for AGRISENSO Plus, which is aimed at providing financial support for key players in the agricultural value chain.
The program will also assist Yovel East in managing clustered farms to help its farmer-beneficiaries and promote technology-driven pre- and post-harvest facilities.
“At LANDBANK, we believe that financial assistance is just one piece of the puzzle in addressing the challenges faced by the agricultural sector. Our mission extends to providing comprehensive support across the entire agricultural ecosystem,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said.
“Providing sustainability and consistency is always the thing that we want to achieve. Through this partnership, Yovel East assures that we will further expand the reach of AGRISENSO Plus and our WeWillRice Program to help more farmers,” Yovel East President and CEO James P. Amparo said.
Outstanding loans under the AGRISENSO Plus program amounted to P494.8 million at end-2024, supporting 3,346 farmers.
LANDBANK saw its net profit decline by 21.07% to P25.14 billion as of end-September 2024 from P31.85 billion a year prior, based on its financial statement posted on its website. — AMCS
