The Department of Education (DepEd) signed a memorandum of understanding with the Land Bank of the Philippines on Wednesday, the latter providing financial support for school repairs in different regions across the country.
Land Bank allocated P6 million in funding, with their subsidiaries such as Land Bank leasing and financial corporation contributing one million pesos.
The Land Bank Resources and Development Corporation (LBRDC) will handle major construction to support DepEd’s last mile schools across the country, starting with the construction and installation of restrooms in three schools.
“The funds will be used for repairs and rehabilitation of classrooms and municipalities that have been greatly affected by recent calamities. We will be supporting an initial twelve, last mile schools which were selected in close collaboration with DepEd based on your 2023 data and list of schools that need repairs,” Senior Vice President of Land Bank, Catherine Villanueva said in her speech.
Meanwhile, President of Land Bank Lynette Ortiz highlighted in her speech the Corporate Social Responsibility (CSR) of Private Banks in helping the public sector.
“I was also thinking that … Land Bank can initiate efforts to really mobilize the banking industry, to try to see how it could tap on CSR activities to allow banks to really maybe adopt more schools and that way, it could bridge the gap,” she noted.
Secretary of Education Sonny Angara thanked the bank for its initiative in helping the public schools in the country, stating that the country needs all the help it can get for its children.
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