CRB of Bulacan and Zambales RB avail of LANDBANK's USD Facility
The Land Bank of the Philippines recently sealed two separate agreements with the Cooperative Rural Bank of Bulacan and the Zambales Rural Bank for the Unsecured Subordinated Debt Facility aimed at beefing up the capital base of countryside financial institutions. Apart from helping CFIs comply with the stricter requirements of enhanced Basel I, this facility also aims to further expand their agri-lending operations and ensure long-term viability.
At present, LANDBANK's subscription has reached P482.5 million to five CFIs, and would reach a total of P580.5 million upon the release of USD proceeds to CRB of Bulacan and Zambales RB.
"LANDBANK and our partner-CFIs share the privilege and responsibility of promoting rural economic growth. And as agents of change, we need to continually strengthen ourselves, improve our systems and strive for greater efficiency," said LANDBANK Officer-in-Charge and Executive Vice President Wilfredo C. Maldia during the debt agreement signing ceremony.
The agreements were signed by LANDBANK OIC/EVP Maldia, CRB of Bulacan General Manager and Chief Operating Officer Nestor S. Custodio and Zambales RB Chairman and President Jerry B. Coloma, Jr. in a simple ceremony held at the LANDBANK Plaza last October 8. LANDBANK Agrarian and Domestic Banking Sector Officer-in-Charge and Senior Vice President Stella Yusay, Northern and Central Luzon Branches Group Head and Senior Vice President Cresencio R. Selispara, CRB of Bulacan Manager Emilie P. Dancel and Zambales RB Chief Executive Officer/Atty. Jerry S. Coloma III signed as witnesses.
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