The Land Bank of the Philippines’ (LandBank) new lending program “AgriSenso” is expected to benefit hundreds of agrarian reform beneficiaries (ARBs), including the whole agriculture value chain in the country, the Department of Agrarian Reform (DAR) said Tuesday.

In a news release, DAR said a PHP10 billion fund was allotted for the program to bolster food security and sufficiency nationwide.

“LandBank eyes at least 5,000 AgriSenso borrowers with an initial total amount of PHP500 million under LandBank’s new lending program,” LandBank Executive Vice President Alex Lorayes said.

The lending program, with an interest of 7 percent annually, aims to provide affordable financing to ARBs and the whole agriculture value chain.

Lorayes said the bank has started receiving applications since the start of the program in July.

Meanwhile, Agrarian Reform Secretary Conrado Estrella III said aside from LBP, “AgriSenso” was created in collaboration with multiple government agencies that include the Department of Agriculture, the Agricultural Credit Policy Council, and the National Irrigation Administration.

“All these agencies promote cluster farming which are run by cooperatives and associations of farmers,” Estrella said.

He said that under the whole-of-government approach, the DAR, in coordination with its partner agencies, fully commits to supporting beneficiaries who are members of various ARB organizations nationwide.

For its part, LandBank assured continuous support for the government’s intensified efforts to aid farmers toward a more productive and sustainable agricultural sector. (PNA)