Thursday 30 May 2024
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PHILIPPINES – Land Bank to offer soft loans to coffee farmers

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MANILA – The Land Bank of the Philippines has announced the offer of coffee production loans at the interest rate of 9.5 percent to farmers.

In a continuing effort since 2010, the Philippine Coffee Board Inc. and the Peace and Equity Foundation have also been offering P100 million ($2.26 million) in soft Loans to coffee farmers, but few have availed.

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Philippine coffee production in 2015 will decline to 20, 000 tons, from 22,000 tons in 2014, largely due to climate conditions, said Philippine Coffee Board, Inc. Chairman Nicholas Matti

The Philippines imports 80,000 tons of coffee from larger coffee-producing countries such as Indonesia, Vietnam, Thailand, Colombia and Brazil, with local consumption increasing to as much as 5 percent a year.

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