Landbank joins Cebu’s rural development drive
CEBU CITY, Cebu—staterun Land Bank of the Philippines (Landbank) announced it entered into an agreement with the Provincial Government of Cebu to “open doors” for livelihood opportunities and business expansion to farmers and fishers in underdeveloped areas in the province with the launch of the Enhanced Countryside Development (ECD) program.
This was after Cebu Governor Gwendolyn F. Garcia signed last March 5 a Memorandum of Agreement (MOA) with Landbank and two other government financial institutions for the implementation of the ECD program.
Under the agreement, Landbank will provide direct financial assistance to eligible and qualified borrowers endorsed by the local government unit, with reasonable interest rates and payback terms. The facility aims to assist the LGU to shift the development focus from the urban Metro Cebu to the underdeveloped and underutilized towns of the province.
“Landbank welcomes the opportunity to take part in advancing inclusive countryside development in Cebu. This forms part of our steadfast support to our local government partners, as we continue to extend accessible credit to finance livelihood expansion and recovery requirements, especially in underdeveloped towns and municipalities in the Province,” Landbank President and CEO Cecilia C. Borromeo was quoted in a statement as saying.
Under the agreement, Landbank will provide necessary financing for the LGU’S projects that support the agriculture value chain. This includes infrastructure projects such as farm-to-market roads and post-harvest facilities in strategic areas in the province.
At the same time, farmers and fishers will be provided with the necessary capital to restart or improve their livelihood. All Ecdparticipating farmers will also be provided crop insurance through the Philippine Crop Insurance Corp., as well as technical and marketing support.
“Landbank commits its allout support to the ECD program, especially on extending loans to the farmers and fishers in the Province of Cebu,” Landbank Visayas Lending Group Head, Senior Vice President Elsie Fe NB. Tagupa was quoted in the statement as saying.