September 3, 2024 | 12:00am
MANILA, Philippines — State-run Land Bank of the Philippines has expanded its loan program to cater to individuals and businesses affected by emergencies and natural calamities.
Through the Land Bank Community Assistance and Reintegration Support Plus Lending program, the government financial institution is opening its loan packages to those hit by calamities and natural disasters.
This is aimed at addressing urgent financial needs during emergencies, as well as help facilitate and expedite rebuilding efforts.
The program is open to farmers and fishermen, cooperatives, micro, small and medium enterprises, corporations and electric distribution utilities.
Eligible borrowers may use the funds for working capital, capital expenditures and the construction, repair or acquisition of disaster-damaged equipment, facilities and structures.
Electric distribution utilities can also use the loan as short-term working capital for the incremental increase in generation and distribution expenses.
Landbank president and CEO Lynette Ortiz said the bank targets to help build resilience and hasten response and rehabilitation efforts.
The bank will soon introduce its EasyCash for Emergencies feature for Landbank credit cardholders.
This will allow clients to convert their available credit limits into emergency cash with repayment options of up to 36 months.
For employees of government agencies and companies with Landbank payrolls, the bank is also offering an electronic salary loan (eSL) that provides convenient and quick access to funds.
Borrowers can apply for the eSL via the Landbank website, iAccess, or mobile banking application with loan proceeds directly credited to their accounts.
Existing eSL borrowers who have maintained good payment standing for at least three months can also renew their loans.
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