Land Bank of the Philippines (LANDBANK) has made strategic partnerships with KITA Agritech Corporation (KITA Agritech) and TAO Foods Company Inc. (TAO Foods) to amplify efforts in empowering small farmers with increased access to financial services and opportunities for modernization.
Under the partnership, KITA Agritech and TAO Foods will provide necessary production, technical, and marketing assistance to partner farmers and farmer organizations, creating a robust framework that fosters innovation by incorporating each company’s digital solutions.
KITA Agritech will introduce the Digital Trading Post, which aims to improve inventory management and reduce operational farming costs associated with natural disasters and calamities.
TAO Foods will introduce the Rice to Rise Program, which aims to supply farmers with one hundred percent (100%) locally produced hybrid rice seeds that can potentially increase their yield, thereby resulting in improved productivity and profitability.
For its part, LANDBANK will extend to eligible partners endorsed by the two companies the AGRISENSO Lending Program, which provides affordable financing to small farmers, Agrarian Reform Beneficiaries (ARBs), and the whole agriculture value chain, aimed at bolstering nationwide food security and sufficiency.
Beyond financial and technical support, these partnerships aim to empower farmers to navigate market and environmental challenges through innovative technologies and sustainable practices. This ensures their livelihoods remain productive and secure, contributing to a more resilient and self-sufficient agricultural sector.
“LANDBANK is focused on making impactful partnerships in ensuring that more farmers are empowered with the tools and resources needed for them to thrive, increase productivity, and contribute to national food security. Together, we are advancing modern agriculture while driving sustainable growth and strengthening the country’s food supply chain,” said LANDBANK President and CEO Lynette V. Ortiz.
In separate signing ceremonies, LANDBANK President and CEO Ortiz formalized the partnerships with KITA Agritech CEO Carlos Miguel S. Concio and TAO Foods Chairman Julio D. Sy, Jr. on 01 October 2024 at LANDBANK Plaza in Manila. They were joined by KITA Agritech Vice President Rafael Anonas, TAO Foods President and CEO Atty. Laura Love P. Guevara, and LANDBANK Executive Vice President Ma. Celeste A. Burgos as witnesses.
Founded in February 2022 by CEO Concio, KITA Agritech is one of the fastest-growing agritech startups in the Philippines that helps Filipino farmers become more sustainable by leveraging technology to optimize operations, reduce costs, and increase productivity.
TAO Foods, on the other hand, produces hybrid rice seeds and processed meat products, and focuses on sustainable farming and modern seed technology to enhance farmers’ profitability and ability to contribute to national food security.
LANDBANK launched the AGRISENSO Lending Program this year and has supported 1,671 borrowers nationwide with a total of P264.9 million in approved loans as of end-August 2024.
The AGRISENSO Lending Program was first introduced at the LANDBANK “Bilis Ipon: Digital Financial Inclusion Caravan,” which aims to bring banking and financing services closer to farmers in far-flung and underserved communities. The Bank has successfully conducted the Caravans in 17 areas this year, with the latest in Himamaylan City, Negros Occidental on 31 July 2024.
