LANDBANK clinches int’l awards for rural electrification, financial inclusion

In recognition of its steadfast commitment to promoting sustainable development, Land Bank of the Philippines (LANDBANK) has been conferred with two international awards by the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) for its development projects on rural electrification and financial inclusion.

LANDBANK’s BRIGHTNESS Lending Program, which stands for BRinging Inclusive Growth in every Household Through National Electrification Support Services, won in the Infrastructure Development category, while the Bank’s support to ASA Philippines Foundation, Inc.’s (ASA Philippines) credit expansion for underserved women earned a Merit Award in the Financial Inclusion category.

ADFIAP Chairman Saud A. Minam, First Vice Chairman Kao Thach, and Second Vice Chairman Aria Putera Ismail presented the awards to LANDBANK, represented by Executive Vice President Ma. Celeste A. Burgos, at the ADFIAP Sustainable Development Awards on 16 May 2024 in Phnom Penh, Cambodia.

“LANDBANK is honored to receive these prestigious awards from ADFIAP, which underscore our unwavering dedication to advancing sustainable and inclusive development. This recognition inspires us to continue empowering underserved communities, fostering economic growth, and enhancing quality of life for our valued clients,” said LANDBANK President and CEO Lynette V. Ortiz.

Launched in 2013, LANDBANK BRIGHTNESS Lending Program aims to expand energy access in barangays to spur growth and generate more economic activities in the countryside by providing financing assistance to qualified distribution utilities and wholesale power aggregators.

This initiative supports the National Government’s rural electrification efforts under Republic Act No. 9136, otherwise known as the “Electric Power Industry Reform Act of 2001 (EPIRA Law),” which ensures the quality, reliability, security and affordability of electric power supply nationwide.

As of 31 March 2024, total approved loans under the BRIGHTNESS Lending Program have reached P13.7 billion, supporting over 4.8 million households with reliable power supply.

Meanwhile, LANDBANK’s support enabled ASA Philippines to raise P5.0 billion through a five-year syndicated corporate notes facility. Dubbed “Project Nanay First,” the proceeds from the offer are aimed to reach and empower more women, particularly mothers, from economically disadvantaged sectors through the provision of accessible financing.

ASA Philippines’ five-year corporate notes issuance was classified as the first-ever Gender Bonds issued in the country, as certified by social bond second-party opinion provider DNV (Det Norske Veritas) and registered with the Securities and Exchange Commission (SEC).

The partnership promotes broader financial inclusion in alignment with the Philippine Development Plan (PDP) 2023-2028 and advocates for environmental, social, and governance (ESG) principles.

ADFIAP serves as the focal point of all development banks and other financial institutions engaged in development financing across the Asia-Pacific region, with the mission to advance sustainable development through its members. The annual ADFIAP Awards recognizes member-institutions that have made important contributions to national development.