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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. 

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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. 

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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. 

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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.

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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.

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LANDBANK, gov’t partners spark hope for Antique student

Hope shines brightest in the dark – As darkness falls, college student Marvie Ann Berdin of Laua-an, Antique, relies on the dim light of a gas lamp as she completes her schoolwork. (Photo courtesy of Marvie Ann Berdin) LAUA-AN, Antique – In this rural town, the future shines bright for 18-year-old college student Marvie Ann Berdin.  Only a few years away from attaining her dream of becoming a civil engineer, Marvie continues to brave through numerous hardships and financial difficulties, thanks to the support she receives from various government agencies.   Marvie has had to face life’s challenges at a young age, with unemployed parents who could barely make ends meet, let alone finance the education of their eight children.  But Marvie was not deterred from attending elementary school, even if it meant travelling by foot for two hours and crossing a river every day. She also took on several jobs to support her education, including being a part-time house helper and a student assistant.  Augmenting their family income for daily expenses and medication for her ill father, Marvie’s mother, Maricel, regularly receives government subsidy as a beneficiary of the Conditional Cash Transfer (CCT) Program of the Department of Social Welfare and Development (DSWD). When previously, Maricel had to wait in line at the covered court in their barangay for almost the entire day just to get the cash aid during payouts, digital innovation has now made it easier for her to receive the subsidy. Since receiving a prepaid card from the Land Bank of the Philippines (LANDBANK), Maricel has been heading to the nearest LANDBANK Branch in San Jose, Antique, to withdraw the cash subsidy conveniently and safely in just a few minutes. “Dahil hindi marunong si mama mag-withdraw sa ATM, mas pinipili niya na mag-withdraw over-the-counter sa LANDBANK Branch. Palagi siyang inaalalayan ng mga staff doon,” Marvie narrates.  Recently, Maricel prefers to cash-out their subsidy from the Barbaza Multi-Purpose Cooperative, an Agent Banking Partner operating on behalf of LANDBANK, which caters to their town.  Apart from cash withdrawal from LANDBANK Branches and ATMs, CCT beneficiaries can also use the LANDBANK CCT Prepaid Cards to make cashless purchases in groceries and drugstores, among others.  The state-run Bank also recently converted the LANDBANK CCT Prepaid Cards into transaction accounts, which provides access to additional services such as cash loading via LANDBANK branches and Cash Deposit Machines, receiving of funds from other agencies through institutional top-up, from LANDBANK accounts through the LANDBANK Mobile Banking Application (MBA), iAccess and Automated Teller Machines (ATMs), and from other bank accounts via InstaPay. Along with the cash assistance the family receives, Marvie also receives a stipend to support her studies as a grantee of the Tertiary Education Subsidy (TES) Program of the Commission on Higher Education (CHED) and the Unified Student Financial Assistance System for Tertiary Education (UniFAST).  Currently, Marvie goes to the LANDBANK Antique Branch to encash the cheque she receives under the TES Program. Soon, she will benefit from LANDBANK’s partnership with CHED and UniFAST, with the ongoing distribution of LANDBANK CHED-UniFAST Prepaid Cards to TES beneficiaries.  The LANDBANK CHED-UniFAST Prepaid Card is a general-purpose reloadable card that functions as an electronic wallet and can be used as a debit or ATM card, allowing TES beneficiaries to conveniently withdraw their student allowance from LANDBANK ATMs, Branches, and Agent Banking Partners nationwide. They can also use the LANDBANK CHED-UniFAST Prepaid Cards for cashless payments, electronic fund transfers, and online account management, among others.  “Salamat sa LANDBANK sa magandang serbisyo upang maihatid ang suporta ng gobyerno sa akin at sa aking pamilya, lalo na ngayon panahon ng pandemya. Malaking tulong ang inyong produkto at serbisyo upang maipagpatuloy ko ang aking pag-aaral,” says Marvie.  Just recently, Marvie won second runner-up in the MyTEStimony photo contest of LANDBANK and CHED-UniFAST, where she photographed herself studying at home, with only a gas lamp as her only source of light. With the cash prize, she was able to buy a mobile phone that she uses for her online classes.   As part of its commitment of serving the nation, LANDBANK is the main distribution arm of financial assistance under the National Government’s social protection programs, in partnership with various government agencies.   

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LANDBANK Q1 digital transactions top P567-B

The Land Bank of the Philippines (LANDBANK) facilitated a total of 39.14 million transactions amounting to P567.61 billion from its major digital banking channels in the first three months of 2022—translating to a 36% and 22% year-on-year growth in volume of transactions and value, respectively. “LANDBANK’s digital transformation is geared towards providing accessible financial services to meet the growing needs of our customers. We are also driven towards greater digital adoption to advance financial inclusion in the country, in line with our expanded mandate of serving the nation,” said LANDBANK President and CEO Cecilia C. Borromeo.  She added that the demand for LANDBANK’s digital services continue to rise as more customers shift to using more convenient, reliable, and safe digital banking solutions, especially in the new normal. In particular, the LANDBANK Mobile Banking App (MBA) recorded 29.75 million transactions worth P47.18 billion for the first quarter of the year, or upsurges of 37% in volume and 46% in value, year-on-year. The LANDBANK weAccess—the Bank’s corporate internet banking platform—recorded more than six (6) million transactions worth nearly P143.19 billion, which translates to growths of 37% and 25%, respectively. Meanwhile, the Bank’s web-based payment facility, Link.BizPortal, facilitated around 1.38 million transactions equivalent to a 42% increase with corresponding total value of P3.41 billion or 58% growth rate.   LANDBANK’s online retail banking channel, iAccess, also logged a 26% jump in transactions value, at P4.46 billion compared to the P3.55 billion in the same period last year. The LANDBANK Electronic Modified Disbursement System (eMDS) for national government agency partners also posted an increase of 36% in transactions volume amounting to P368.06 billion, or 18% rise in value. With the continuous increase in the use of digital banking channels, the state-run Bank assures its customers that it maintains the highest level of security in all its systems, while also reminding customers to remain vigilant against online banking fraud and scams.   

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LANDBANK’s agri support reaps ‘Gawad Lingap’ award

LANDBANK Lending Program Management Group Head, Vice President Esperanza N. Martinez (center) receives the Gawad Lingap 2021 Special Award for LANDBANK from DA-ACPC Executive Director Jocelyn Badiola (2nd from left), Agriculture Undersecretary Evelyn Laviña (3rd from left), and BSP Monetary Board Member, Dr. Bruce Tolentino V (rightmost), together with LANDBANK and DA-ACPC officials. State-run Land Bank of the Philippines (LANDBANK) was honored at the 2nd Gawad sa Paglingap sa Magsasaka at Mangingisda (Gawad Lingap) Awards of the Department of Agriculture – Agricultural Credit Policy Council (DA-ACPC), for the Bank’s outstanding support to the agriculture sector and micro, small, and medium enterprises (MSMEs) amid the COVID-19 pandemic. LANDBANK received a special award as one of the partner lending conduits (PLCs) of DA-ACPC for agri-fishery credit programs for small farmers and fishers and other agri-players. "While we take on an expanded role of serving various development sectors, providing intensified support to agriculture is a continuing commitment for LANDBANK. Together with the DA and ACPC, we remain focused on extending financial access to farmers and fishers nationwide under our whole-of-government approach," said LANDBANK President and CEO Cecilia C. Borromeo. LANDBANK Lending Program Management Group Head, Vice President Esperanza N. Martinez received the award on behalf of the Bank on 28 April 2022 during the award ceremonies held at Novotel Manila Araneta in Cubao, Quezon City. In partnership with the agriculture department, LANDBANK offers various lending programs directed at supporting the recovery and growth of small farmers, fishers and MSMEs. These loan programs include the Expanded Credit Assistance under the Rice Competitiveness Enhancement Fund (ERCA-RCEF), Agricultural Competitiveness Enhancement Fund (ACEF), LBP-SRA Socialized Credit Program under Sugarcane Industry Development Act (SCP-SIDA), and the Survival and Recovery Assistance (SURE Aid) Program.  LANDBANK also implements the SURE COVID-19 loan program together with DA-ACPC to assist small farmers and fishers affected by the economic impact of the global health crisis. Under the programs being administered by LANDBANK for DA-ACPC, cumulative loan releases have reached a total of P12.51 billion benefitting small farmers and fishers and micro- and small enterprises nationwide, as of 31 March 2022. LANDBANK remains fully committed to serving the requirements of farmers and fishers, towards building a stronger and more resilient agriculture sector.   

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LANDBANK income soars 141% to P13.2-B in Q1 2022

The Land Bank of the Philippines (LANDBANK) reported robust financial performance in the first quarter of the year, with a higher net income of P13.2 billion alongside double-digit growth in assets, deposits and capital. LANDBANK’s net income for the three-month period jumped an unprecedented 141% from P5.48 billion a year ago, attributed to higher interest income from loans and investments, as well as one-time gains from the merger with the United Coconut Planters Bank (UCPB). The higher net income translates to a return on equity of 14.27%, which is well above the industry average of 9.08% as of 31 December 2021. “LANDBANK’s income expansion runs parallel with the country’s strong economic resurgence. We will build on this growth trajectory to continue assisting key development sectors and contribute to our collective recovery, to drive our broader thrust of serving the nation,” said LANDBANK President and CEO Cecilia C. Borromeo. LANDBANK remains the second largest bank in terms of assets at P2.792 trillion as of end-March 2022 or 16% higher than the P2.405 trillion in 2021. The increase in assets was propelled by the merger, with UCPB contributing P291.83 billion additional assets. Major asset accounts, including loans and investments, likewise increased in double-digits. The Bank also booked a 12% growth in capital year-on-year to P218.36 billion from P194.59 billion, mainly due to the record net income in 2021. LANDBANK’s sound financial position furthered its capacity to provide financial and support services to the agriculture sector and other development industries.  As of end-March 2022, LANDBANK’s total outstanding loans to its priority sectors reached P822.01 billion, of which P236.86 billion was channeled to support the agriculture sector.  LANDBANK is a government financial institution with a unique social mandate of promoting national development while remaining financially viable.   

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LANDBANK delivers P1.51-B in loans to rice farmers

The Land Bank of the Philippines (LANDBANK) has released P1.51 billion in loans to a total of 9,126 rice farmers and cooperatives as of 31 March 2022 through the Expanded Rice Credit Assistance under the Rice Competitiveness Enhancement Fund (ERCA-RCEF).  Implemented in partnership with the Department of Agriculture (DA), LANDBANK was able to fully disburse the allocated program fund from 2019 to 2021 under the ERCA-RCEF, designed to support small rice farmers cope with the decline in palay prices, coupled with challenges brough about by the COVID-19 pandemic. Majority of the beneficiaries were from the rice-producing provinces of Region 2, particularly Cagayan, Nueva Vizcaya, and Quirino, with LANDBANK assisting a total of 4,189 individual rice farmers and 28 cooperatives. LANDBANK was also able to extend assistance to rice farmers in the Visayas and Mindanao, including the provinces of Capiz, Agusan del Sur, Davao del Norte, and Occidental Mindoro, among others.  “As a vital contributor to the National Government’s sustainable development agenda, LANDBANK remains steadfast in delivering much-needed support to the agriculture sector. Alongside the DA, the successful and timely delivery of loans to rice farmers under the ERCA-RCEF is a testament of this unwavering commitment,” said LANDBANK President and CEO Cecilia C. Borromeo.     The ERCA-RCEF is a credit facility which aims to boost the productivity and income of small rice farmers, and cushion the initial impact of Republic Act No. 11203, also known as the Rice Tariffication Law (RTL).  Under ERCA-RCEF, individual farmers may borrow up to 90% of their total project cost at a low fixed interest rate of 2% per year. The loan may be used to purchase farm inputs for rice and rice seed production, as well as farm machineries and equipment for production and post-production. DA-accredited cooperatives may also borrow under the ERCA-RCEF for the purchase of farm inputs for rice and rice seed production as a collective operation and working capital for rice and rice seed trading. The Progam also supports rice farming-related activities such as the acquisition of machineries and equipment, as well as relending and rediscounting of existing loans of small rice farmers listed in the DA’s Registry System for Basic Sectors in Agriculture (RSBSA). As mandated by Republic Act No. 11203, LANDBANK shall continue to administer the ERCA-RCEF Program for the DA until 2024, and make available P500 million in loans annually to rice farmers registered under the RSBSA in 38 rice-producing provinces.  

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LANDBANK loans reach P20-B for green energy projects

As the country reels from the effects of changing global climates and shifting weather patterns, state-run Land Bank of the Philippines (LANDBANK) has approved loans totaling P20.1 billion to 56 borrowers in support of local renewable energy projects as of 31 March 2022, underscoring the Bank’s commitment to sustainable development.  Through the LANDBANK Renewable Energy Program, the 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 climate change in the country.  “As an industry leader in promoting environmental sustainability in the country, LANDBANK is at the forefront of supporting initiatives aimed at protecting our environment. We are looking to work with more customers and development partners towards a more sustainable future for the next generation, and beyond,” said LANDBANK President and CEO Cecilia C. Borromeo.  The LANDBANK Renewable Energy Program can finance renewable energy projects harnessing biomass, geothermal, solar, hydro, ocean, and wind power. Other eligible projects include biofuel, hybrid renewable energy systems, such as hybrid electric or compressed natural gas, and the fabrication or manufacturing of renewable energy technologies, equipment and components, among others. Aside from providing credit fund for working capital and for capital expenditures, loans under the Program can also be used to finance project preparation activities such as developing a feasibility study, detailed engineering design, and supporting assessment studies, as well as securing permits, licenses, and approvals.  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 borrow up to 80%. 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 annum.  The Renewable Energy Program forms part of LANDBANK’s service to the nation in promoting environmentally sustainable programs to address climate-related concerns.  

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LANDBANK cash cards reach 9.8-M CCT, UCT beneficiaries

LANDBANK Aparri Branch distributes cash cards to 435 CCT and UCT program beneficiaries from the islands of Babuyan and Dalupiri in the Municipality of Calayan, Cagayan. About 9.8 million beneficiaries under the major social protection programs of the Department of Social Welfare and Development (DSWD) can now receive government subsidies in a timely, safe and convenient manner, as the Land Bank of the Philippines (LANDBANK) continues to ramp up the distribution of cash cards across the country. As of 31 March 2022, the state-run Bank has provided LANDBANK Cash Cards to 4.4 million Conditional Cash Transfer (CCT) beneficiaries and 5.4 million Unconditional Cash Transfer (UCT) beneficiaries covering the Department’s Social Pension and Listahanan beneficiaries. “On top of ensuring the timely and safe disbursement of government subsidies to the country’s most vulnerable sectors, the distribution of LANDBANK Cash Cards advances our efforts to bring more Filipinos into the formal banking system. This forms part of LANDBANK’s contribution to the National Government’s inclusive and sustainable development agenda,” said LANDBANK President and CEO Cecilia C. Borromeo.  CCT and UCT beneficiaries can use the LANDBANK Cash Cards to withdraw from LANDBANK Automated Teller Machines (ATMs) and Agent Banking Partners (ABPs) nationwide, as well as make cashless purchases in groceries and drugstores, among others. The LANDBANK Cash Cards were recently upgraded into transaction accounts to provide beneficiaries with wider access to an array of banking services, including cash card loading via LANDBANK branches, fund transfers through the LANDBANK Mobile Banking App, and cash-in via LANDBANK Cash Deposit Machines. In 2021, the Bank disbursed a total of P133.61 billion in cash grants to more than seven million CCT and UCT beneficiaries nationwide. LANDBANK remains steadfast in the fulfillment of its expanded mandate as the delivery arm for the National Government’s social protection initiatives, in line with servicing the country’s underserved and marginalized sectors. 

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