The Land Bank of the Philippines (LANDBANK) is launching a new lending program to help Local Government Units (LGUs) on the purchase of goods and procurement of services to support their constituents during the COVID-19 crisis.
The Bank is allocating P10 billion for the LANDBANK HEAL (Help via Emergency Loan Assistance for LGUs) Program as emergency funding for provincial, city, and municipal governments.
“The HEAL Program is LANDBANK’s way of supporting our LGUs deliver immediate health services, food, and basic commodities to their constituents during this crisis. Our LGUs are at the forefront of this adversity, and as our partners in development, we will continue to finance their recovery and rehabilitation needs,” LANDBANK President and CEO Cecilia C. Borromeo said.
Both client and non-client LGUs of the Bank may avail of the HEAL Program at an affordable fixed interest rate of 5% per annum, payable up to a maximum of five years, with a one-year grace period on principal payment.
The LANDBANK HEAL Program is also in support of Republic Act No. 11469, otherwise known as the “Bayanihan to Heal as One Act,” declaring a state of national health emergency, and grants President Rodrigo R. Duterte the power and authority to carry out urgent measures to combat COVID-19. This includes the provision of timely and affordable credit to affected sectors, especially in the countryside.
Interested LGUs may contact the nearest open LANDBANK Lending Center or Branch nationwide, or call LANDBANK’s customer service hotline at (02) 8-405-7000 or at PLDT Domestic Toll Free 1-800-10-405-7000.
For more updates and client advisories, please make sure to follow, like, and share the official LANDBANK social media accounts—for Facebook and Instagram: @landbankofficial, and for Twitter: @LBP_Official, and the LANDBANK website: www.landbank.com.
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LANDBANK customers now enjoy 24/7 free cash withdrawals at 7-Eleven
LANDBANK cardholders can now withdraw cash and view their account balance free of charge from over 1,500 7-Eleven ATMs in selected areas. Land Bank of the Philippines (LANDBANK) cardholders can now transact at ATMs in selected 7-Eleven convenience stores any time without fees beginning 23 May 2022. Using LANDBANK Cash Cards, Regular ATM Cards, and Debit Cards, LANDBANK cardholders can perform cash withdrawal and balance inquiry for free from over 1,500 7-Eleven ATMs, initially available in Metro Manila, CAMANAVA, CALABARZON, Pampanga, Bataan and Cebu. This innovation to expand the Bank’s touchpoints and reach was made possible through LANDBANK’s recent partnership with Pito Axm Platform, Inc. (PAPI), the operator of 7-Eleven ATMs in the Philippines. “LANDBANK continues to intensify efforts toward advancing greater financial inclusion nationwide. We will extend our network further to expand financial access and provide a convenient banking experience to our customers,” said LANDBANK President and CEO Cecilia C. Borromeo. LANDBANK plans to make available more banking features in the future via the 7-Eleven ATMs, including cash deposits and fund transfers. The state-run Bank also targets to tap a total of 3,000 7-Eleven ATMs nationwide by the end of the year. The addition of 7-Eleven ATMs complements LANDBANK’s own physical network of 678 Branches, 2,810 ATMs, and 58 Lending Centers as of end-April 2022. The partnership forms part of LANDBANK’s commitment to provide wider access to its banking products and services nationwide, in line with serving the development requirements of various key economic sectors.LEARN MORE
LANDBANK bankrolls P1.15-B waste-to-energy power plant in Nueva Ecija
Green Innovations for Tomorrow Corporation’s (GIFTC) rice husk-fueled power plant in Talavera, Nueva Ecija, recycles around 480,000 kg. of rice husks per day and can supply electricity to around 6,480 households. TALAVERA, Nueva Ecija – The Green Innovations for Tomorrow Corporation (GIFTC) has carried out an economical and sustainable solution to address the problem of agricultural waste in this province—recognized as the ‘rice granary’ of the Philippines—by converting rice husks as biomass into renewable energy. With rice production as the major source of livelihood in this palay-producing town, large volumes of rice husks are regularly being disposed of or burned in open fire, posing both environmental and health hazards to the community. GIFTC aspired to recycle and make this agricultural waste useful by establishing a biomass power plant that would generate electricity for households in the province. To help make this vision a reality, GIFTC sought financial assistance from the Land Bank of the Philippines (LANDBANK) and was granted loans in 2013 and 2018 totaling P1.15 billion under the Bank’s Renewable Energy Program. Part of the LANDBANK loan bankrolled the construction of GIFTC’s biomass power plant in 2016, which is currently operating at a capacity of 10.8 megawatts electric (MWe). The rest of the loan was allocated for the reimbursement of cost utilized for warehouses, dormitories and other structures, replacement or repair of power plant parts, permanent working capital, including the acquisition of rice husk. “LANDBANK was the first financial institution that believed in GIFTC’s vision for a sustainable future for our town, and for the whole country. We wouldn’t be where we are now if it weren’t for their assistance,” said Engr. Martin O. Vendivil, Assistant Chief Operating Officer of GIFTC. Through the services of a grid operator, GIFTC’s biomass power plant can supply electricity to an estimated 6,480 households in selected municipalities and cities in Nueva Ecija, including other areas in neighboring provinces. The GIFTC power plant consumes around 480,000 kilograms of rice husks per day bought from rice mills in the area, significantly decreasing agricultural waste in the town. More importantly, the energy corporation helps reduce the emission of greenhouse gases, while preserving the country’s natural resources by manufacturing a renewable energy source. “LANDBANK fully supports projects that harness the potential of renewable and alternative energy resources. We will continue to work with development partners in preserving our environment and promoting climate change adaptation,” said LANDBANK President and CEO Cecilia C. Borromeo. Through the LANDBANK Renewable Energy Program, the state-run Bank aims to finance the development of renewable energy sources and increase access to reliable, clean and sustainable power to help mitigate the effects of global warming and climate change in the country. Eligible borrowers such as electric cooperatives, local government units (LGUs), government-owned and controlled corporations (GOCCs), and government agencies may borrow up to 90% of the total cost of the project. Cooperatives, associations and private borrowers categorized as single proprietorships, partnerships, or corporations may also borrow up to 80% of the total project cost under the Program. Term loans for working capital and project preparation are payable up to five (5) years with a six-month grace period on principal payment, while loans for capital expenditure are payable based on the borrower’s cash flow up to 15 years, with a three-year grace period. The interest rate shall be based on the prevailing market rate but not lower than 5% per year. As of 31 March 2022, LANDBANK has approved loans totaling P20.1 billion to 56 borrowers nationwide under the Renewable Energy Program, underscoring the Bank’s thrust of promoting sustainable finance and development.LEARN MORE
LANDBANK scales up support for Bulacan with new corporate center
LANDBANK President and CEO Cecilia C. Borromeo (3rd from left), Bulacan State University President Dr. Cecilia S. Navasero-Gascon (5th from left), and Dr. Yanga’s Colleges, Inc. President Michael S. Yanga (4th from left) lead the inauguration of the LANDBANK Bulacan Corporate Center along McArthur Highway in Brgy. Dakila, Malolos City on 13 May 2022. Joining them are LANDBANK Executive Vice Presidents Julio D. Climaco, Jr. (leftmost) and Alan V. Bornas (rightmost), and LANDBANK Senior Vice President Randolph L. Montesa (2nd from left). MALOLOS CITY, Bulacan – Land Bank of the Philippines (LANDBANK) recently inaugurated a three-story corporate center along McArthur Highway in Brgy. Dakila, Malolos City to provide Bulaceños convenient access to a wide array of banking services. The LANDBANK Bulacan Corporate Center is designed as a one-stop shop for various banking and financial services, as it houses the Bank’s major touchpoints and offices. Located at the ground floor of the corporate center is the LANDBANK Malolos Highway Branch, which caters to nearby local government units, academic institutions, corporations, and individual depositors from the 51 barangays of Malolos City and the 29 barangays of the Municipality of Calumpit. Also situated in the building is the LANDBANK Bulacan Lending Center, which offers affordable financing for farmers and fishers, agribusinesses, micro, small and medium enterprises (MSMEs), countryside financial institutions, and local government units (LGUs), among others. LANDBANK President and CEO Cecilia C. Borromeo, Bulacan State University President Dr. Cecilia S. Navasero-Gascon, and Dr. Yanga’s Colleges, Inc. President Michael S. Yanga led the inauguration rites for the LANDBANK Bulacan Corporate Center on 13 May 2022. They were joined by LANDBANK Executive Vice Presidents Julio D. Climaco, Jr. and Alan V. Bornas, Senior Vice President Randolph L. Montesa, and other LANDBANK officials. “The LANDBANK Bulacan Corporate Center illustrates our continuing commitment to provide greater banking convenience and accessibility to our growing customers. We also hope that this serves as a landmark to generate livelihood and business opportunities to bolster Bulacan’s local economy,” said President and CEO Borromeo. Other LANDBANK field offices stationed in the Bulacan Corporate Center are the Bulacan Accounting Center, Field Legal Services, Area Legal Unit II, Property Valuation and Credit Information Department-Bulacan Field Team, and the Bulacan Loans Operations Field Unit. A dedicated space for the Commission on Audit Regional Office III was also provided within the corporate center. As of end-April 2022, LANDBANK has a total of 12 branches, one (1) lending center, and 51 automated teller machines (ATMs) across the Province of Bulacan. LANDBANK is the only bank present in all 81 provinces in the Philippines, with its continued expansion geared towards servicing the requirements of its diverse customer base, especially in unbanked and underserved areas.LEARN MORE