MANILA – The Land Bank of the Philippines (LandBank) approved PHP 101.1 billion in loans for 365 local government units (LGUs) across the country in January, in line with its commitment to accelerate the recovery of local economies and communities affected by the pandemic.
Under its RISE UP LGUs (Restoration and Invigoration package for a Self-Sufficient Economy to UPgrowth for LGUs) loan program, LandBank provides loans to provincial, municipal, and city governments to fund response and recovery intervention projects. Covid-19 recovery.
Eligible projects authorized under the RISE UP LGUs include the purchase of agricultural products, the acquisition of equipment and the construction of facilities to connect products to market, including other programs and projects that provide services basic and support services, social protection, health care and other infrastructural activities.
Since its launch in July 2020, the program has increased its fund allocation to PHP 150 billion, 15 times more than the initial fund of PHP 10 billion, to accommodate more LGUs.
“Along with our local government partners, LandBank remains at the forefront of providing essential services to the Filipino people and the nation as a whole. LandBank is the largest development partner in the LGU sector, with all provinces, cities and municipalities now holding depository accounts with LandBank,” LandBank President and CEO Cecilia Borromeo said in a statement on Sunday. hurry.
LandBank encourages LGUs to draw quickly on their loans approved and enrolled under the RISE UP LGU loan program and take advantage of the interest subsidy. (PR)