BPI launches agriculture loan program

It has a US$441m agriculture portfolio.

The Philippines’ second largest bank is increasing its involvement in agriculture with the launch of BPI Agribusiness Solutions in Davao City in the island of Mindanao.

Executive Vice President and Corporate Banking Group Head Alfonso Salcedo, Jr. said the bank has a US$441 million agriculture portfolio. The bank also supports government’s effort aimed at inclusive growth through its BPI Agribusiness Solutions.

Agriculture contributed 12% of the Philippines’ gross domestic product in 2011. Its labor force stands at 13 million, or 35% out of the total labor force of 37 million.