Loans extended by banks to the agriculture sector significantly rose to P3.2 trillion as of June 2023 from the P848 million agri-agra credit allocated in the same period in 2022, the Bangko Sentral ng Pilipinas said.
Despite scorching heat, farmers are busy putting their harvested rice inside the sacks in Calatagan, Batangas on March 30, 2024.MANILA, Philippines — Loans extended by banks to the agriculture sector significantly rose to P3.2 trillion as of June 2023 from the P848 million agri-agra credit allocated in the same period in 2022, the Bangko Sentral ng Pilipinas said.
Pursuant to Section 13 of the AFRD Law, RA 11901 lapsed into law on July 2, 2022 and became effective on Aug. 1, 2022. According to Tolentino, the banks opted to pay the penalties since it was “cheaper” than lending to the farmers prior to the passage of RA 11901. “ will also capture data that can be used to assess the effectiveness of the provisions of the law and inform policymaking,” the central bank said.
The government upsized its short-term securities to P17 billion as rates slipped across the board ahead of the policy meeting...
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