BSP accredits rural, thrift banks under Agri-Agra Law

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Under Agri-Agra Law, ten rural and thrift bank have been accredited by the Bangko Sentral ng Pilipinas as lenders for compliance. The BSP has named these banks through the Circular Letter 2012-040. The lenders are as follows: Rural Bank of Kiamba Inc., Producers Saving Banks, Rural Bank of Barili(Cebu) Inc., Rural Bank of Sta. Catalina, Philippine Resources Savings Banks Corp, Rural Bank of Pilar(Bataan) Inc., Common Wealth Rural Bank Inc., Rang-Ay Bank Inc., Agri Busniness Rural Bank and Rural Bank of Bay Inc.

Stated in law is that local banks are required to allot at least 25%of their loanable funds for agriculture and fisheries credit – 10% for agrarian reform beneficiaries and 15% for agriculture and fisheries.

Cash infusion to rural and thrift banks is one ways banks can comply with the law aside from direct lending.

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