The Land Bank of the Philippines (LANDBANK) has approved loans totaling P6.95 billion for 227 borrowers composed mostly of micro, small and medium enterprises (MSMEs) and cooperatives that are affected by the impact of the COVID-19 pandemic.
Under the I-RESCUE (Interim REhabilitation Support to Cushion Unfavorably affected Enterprises by Covid-19) Lending Program, LANDBANK has released P5.28 billion of the total P6.95 billion for the benefit of 208 borrowers, composed of 167 MSMEs, 34 cooperatives, four (4) microfinance institutions (MFIs), and three (3) large corporations as of end-January 2021.
Launched in April 2020 at the height of strict quarantine lockdowns, the I-RESCUE Lending Program was designed in support of Republic Act 11494 or the “Bayanihan to Recover as One Act (Bayanihan 2)” to provide credit and loan restructuring under more flexible terms and conditions to MSMEs, MFIs, and cooperatives.
LANDBANK recently expanded the coverage of the Program to allow more borrowers affected by the pandemic to avail of credit and loan restructuring assistance.
The I-RESCUE Lending Program now allows micro enterprises and large corporations to borrow a maximum of 85% of their emergency or permanent working capital requirement. Terms are set at an affordable interest rate of 5% per annum for three (3) years, subject to annual re-pricing thereafter, and payable up to 10 years with a maximum of two (2) years grace period on the principal repayment.
Moreover, LANDBANK is currently working on expanding the I-RESCUE Program further to offer a new sub-credit facility for MSMEs, cooperatives, and self-employed individuals severely affected by the health crisis. Qualified borrowers may soon be able to borrow a minimum amount of P100,000 or up to 85% of their actual permanent working capital requirement, at a lower fixed interest rate of 3% per annum only, payable up to three (3) years.
“We are enhancing the I-RESCUE Lending Program to cover a wider range of key industries that need greater access to credit. LANDBANK is keeping in step with emerging requirements under the new normal in support of the country’s ongoing economic recovery,” said LANDBANK President and CEO Cecilia C. Borromeo.
Existing LANDBANK clients may also avail of loan restructuring via additional loan and extended repayment period or combination of means to rehabilitate and restore operational cash flow.
The LANDBANK I-RESCUE Lending Program is available until December 31, 2022.
Interested borrowers 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, please Follow, Like and Share the official LANDBANK Facebook, Instagram and YouTube accounts (@landbankofficial), Twitter (@LBP_Official), and join our Viber community (@LANDBANK), or visit the LANDBANK website (www.landbank.com).
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
LANDBANK loans to agri sector reach P237-B as of Q1 2022
The Land Bank of the Philippines (LANDBANK) remains the biggest lender to the agriculture sector, with loans reaching P236.8 billion as of 31 March 2022. The loans were used to finance various economic activities of major players in the industry—from small farmers and fishers to large agribusiness enterprises, as well as local government units (LGUs) and government-owned and controlled corporations (GOCCs) for agri-aqua related projects and construction of needed infrastructure such as public markets, cold storages, irrigation systems, farm-to-market roads, warehouses, and slaughterhouses. Small farmers and fishers benefited from the P35 billion loans channeled through cooperatives and farmers’ associations, rural financial institutions and other partner conduits of LANDBANK. “We continue to intensify our support to the agri sector, particularly the farmers and fishers whom we celebrate in this month of May. LANDBANK is committed in delivering timely and responsive support to boost their production and income,” said LANDBANK president and CEO Cecilia C. Borromeo. Financing for small, medium, and large agribusiness enterprises accounted for P146.62 billion of the total loans, P55.19 billion supported LGUs and GOCCs, and the remaining P99.64 billion backed the construction and improvement of essential infrastructure. In terms of economic activities, P56.39 billion of LANDBANK’s total agri sector loans financed crops, livestock, and fisheries, while P80.83 billion was channeled to agri-processing and trading. As part of its intensified support to the agriculture sector, LANDBANK continues to implement regular loan offerings alongside lending programs in partnership with the Department of Agriculture (DA) and the Department of Agrarian Reform (DAR). As of 31 March 2022, LANDBANK has released a total of P12.51 billion under the programs administered for DA, which include the Agricultural Competitiveness Enhancement Fund (ACEF), the Socialized Credit Program under the Sugarcane Industry Development Act (SCP-SIDA), the Expanded Rice Credit Assistance under the Rice Competitiveness Enhancement Fund (ERCA-RCEF), the Survival and Recovery Assistance Program for Rice Farmers (SURE Aid), and SURE COVID-19. Meanwhile, the Bank’s cumulative loan releases under DAR’s Credit Assistance Program for Program Beneficiaries Development (CAP-PBD) has reached P700 million. LANDBANK remains fully committed towards advancing a more vibrant, productive, and resilient agriculture sector in line with serving the nation.LEARN MORE
LANDBANK launches P50-B loan program for crisis-affected enterprises
The Land Bank of the Philippines (LANDBANK) launched a new loan offering to assist enterprises against economic disruptions caused by natural calamities or man-made conflicts such as the ongoing strife in Europe, civil wars, and disputes among nations. The LANDBANK NATION SERVES (National Assistance Towards Initiating Opportunities to eNtities amidst Social and Economic Reverses which Visibly Entail Shockwaves to Businesses) Lending Program provides additional working capital for businesses to strengthen their operations, expand trading facilities, and stockpile supplies and inventories to mitigate the actual or impending impact posed by such crises. “LANDBANK aims to bolster the resiliency of key development industries by cushioning the negative impact of economic disruptions. Through the NATION SERVES Lending Program, we will also contribute to preventing price surges on basic commodities as we continue serving the nation,” said LANDBANK President and CEO Cecilia C. Borromeo. The state-run Bank allocated P50 billion for the Lending Program as a proactive measure to support energy and fuel providers, industry manufacturers of medicines, metals, electronics, and armaments, as well as ship builders, among others. Eligible borrowers also include renewable energy developers, agri-businesses, and aviation hard-wares and machine manufacturers. Under the Program, customers may loan up to 85% of the actual need with an interest rate based on applicable Bloomberg Valuation Reference (BVAL) rate at the time of loan availment, plus spread of not more than 75% of the prescribed spread based on the borrower’s credit rating. Interested borrowers 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.LEARN MORE