LBP, DBP to charge DA less on loan disbursements

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State-owned financial institutions Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (DBP) have cut the management fees they charge for processing three of the Department of Agriculture’s (DA) financial programs.

Philippines News, Philippines Headlines

The loss on the part of LBP and DBP and the gain on DA will be about ₱34 million, based on the latter’s estimate.

This was eventually approved, with the two banks reducing their previous management fee rate of 4.5 percent by one percentage point to 3.5 percent, which will be applicable to the P1-billion credit component of the Rice Competitiveness Enhancement Fund (RCEF); ₱1-billion credit program under the Sugarcane Industry Development Act (SIDA); and the ₱1.4-billion Agricultural Competitiveness Enhancement Fund (ACEF).

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