LANDBANK backs 365 LGUs with P101.1-B in loans to ramp-up recovery

The Land Bank of the Philippines (LANDBANK) has approved more than P100 billion in loans for 365 local government units (LGUs) nationwide as of endJanuary 2022. The substantial financial assistance to LGUs is in line with the Bank’s commitment to hasten the revival of local economies and communities affected by the pandemic.

Under its RISE-UP LGUs (Restoration and Invigoration package for a Self-Sufficient Economy towards UPgrowth for

LGUs) Lending Program, LANDBANK extends loans to provincial, city, and municipal governments to finance COVID-19 response and recovery intervention projects.

Eligible projects allowed under the RISE UP LGUs include the purchase of agricultural produce, acquisition of equipment and construction of facilities to link products to the market, including other programs and projects of the LGU that provide basic and support services, social welfare, healthcare, and other infrastructure activities.

Since its launch in July 2020, the Program has gained wide acceptance by LGUs that the state-run bank has increased its fund allocation to P150 billion— 15 times more than the P10-billion initial fund— to accommodate the needs of more LGUs.

“Together with our local government partners, LANDBANK remains at the forefront of delivering essential services for the Filipino people and the nation at large. LANDBANK is the biggest development partner of the LGU sector, with all provinces, cities, and municipalities now maintaining deposit accounts with LANDBANK,” said LANDBANK President and CEO Cecilia C. Borromeo.

LANDBANK is encouraging LGUs to promptly draw on their approved and enrolled loans under the RISE UP LGUs Lending Program and take advantage of the interest subsi dy.

Interested LGUs may contact the nearest LANDBANK Lending Center or Branch nationwide, or call LANDBANK’s customer service at (02) 8405-7000 or at PLDT Domestic Toll Free 1-80010-405-7000.