LandBank backs LGUs with P10-B emergency loan vs COVID-19
TUGUEGARAO CITY, Cagayan, April 2 (PIA)–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. (ALM/PIA/LandBank Press Release)