Three years since the country was placed under a state of calamity due to the COVID-19 pandemic, the Land Bank of the Philippines (LANDBANK) has approved loans totaling P41.3 billion as of 31 January 2023 to fast-track the recovery of local businesses and cooperatives.
Through the I-RESCUE (Interim REhabilitation Support to Cushion Unfavorably affected Enterprises by COVID-19) Lending Program, LANDBANK has assisted a total of 825 borrowers nationwide, composed of 549 micro and small enterprises (MSEs), 134 cooperatives, 7 microfinance institutions, and 135 large enterprises.
“LANDBANK remains committed to support the resurgence of pandemic-hit businesses and cooperatives. We will continue to serve their financial requirements to further advance the country’s ongoing economic recovery,” LANDBANK President and CEO Cecilia Cayosa Borromeo said.
LANDBANK first launched the I-RESCUE Lending Program at the onset of the pandemic, designed to provide borrowers timely financial aid at concessional terms, which include a longer repayment period, moratorium on principal and interest payments and lower interest rates.
Under the Program, eligible borrowers may loan up to 85% of their emergency or permanent working capital requirements, with an interest rate of 7% fixed for one year and subject to annual repricing thereafter.
LANDBANK has extended the I-RESCUE Lending Program until December 2023 to accommodate more potential borrowers.
Catherine R. Cueto