The Land Bank of the Philippines (LandBank) has paid out over PHP308 million to over 60,000 farmer-beneficiaries listed under the Department of Agriculture’s (DA) Financial Subsidy to Rice Farmers (FSRF) initiative.
In a statement, LandBank said that as of April 22, a total of 61,564 rice farmers across 26 provinces have received financial assistance from this program. These farmers were largely affected by quarantine measures due to the coronavirus disease 2019 (Covid-19) pandemic.
Small rice farmers tilling farms with an area of one hectare or less received PHP5,000 each through the existing LandBank SURE Aid (Expanded Survival and Recovery Assistance Program for Rice Farmers) and RFFA (Rice Farmer Financial Assistance) cash cards.
LandBank is also preparing to release cash grants to more rice farmers covering 34 provinces nationwide pending the list of more beneficiaries from DA. Farmer-beneficiaries will claim the cash subsidy over-the-counter from designated branches of the Bank.
“We are in close coordination with the DA to supplement the income of our small rice farmers and their families the soonest possible time. This forms part of LandBank’s intensified support to the agriculture sector, which belongs to the most vulnerable sectors during this Covid-19 crisis,” LandBank president Cecilia Borromeo said.
LandBank’s financial aid distribution is in support of the Social Amelioration Program (SAP) of the government for the implementation of Republic Act No. 11469 or the “Bayanihan to Heal as One Act.”