LANDBANK loans reach almost P31-B for pandemic-hit co-ops, businesses
The Land Bank of the Philippines (LANDBANK) has approved loans totaling P30.96 billion as of end-January 2022 to help cooperatives and local businesses recover from the impact of the COVID-19 pandemic. Through the I-RESCUE (Interim REhabilitation Support to Cushion Unfavorably affected Enterprises by COVID-19) Lending Program, LANDBANK has supported a total of 687 borrowers, composed

By Staff Writer
The Land Bank of the Philippines (LANDBANK) has approved loans totaling P30.96 billion as of end-January 2022 to help cooperatives and local businesses recover from the impact of the COVID-19 pandemic.
Through the I-RESCUE (Interim REhabilitation Support to Cushion Unfavorably affected Enterprises by COVID-19) Lending Program, LANDBANK has supported a total of 687 borrowers, composed of 462 micro, small and medium enterprises (MSMEs), 115 cooperatives, 105 large enterprises, and five (5) microfinance institutions (MFIs).
“LANDBANK recognizes the crucial role of local businesses to ramp-up the country’s ongoing economic recovery. We will continue to provide timely and accessible credit assistance to serve their financial requirements amid the pandemic and beyond,” said LANDBANK President and CEO Cecilia C. Borromeo.
Launched in April 2020 at the height of quarantine restrictions to stem the rising COVID-19 infections, the I-RESCUE Lending Program aims to provide credit and loan restructuring assistance to businesses adversely affected by the pandemic, under more flexible terms and conditions.
Under the Program, eligible borrowers may loan up to 85% of their emergency or permanent working capital requirements, with an affordable interest rate of 5% per annum for three (3) years, subject to annual re-pricing thereafter, and payable up to 10 years with a maximum of two (2) years grace period on the principal repayment.
The Program also offers a sub-credit facility for MSMEs and cooperatives, as well as self-employed individuals duly registered with the Department of Trade and Industry (DTI) and the Securities and Exchange Commission (SEC), classified to be critically affected by the pandemic.
The LANDBANK I-RESCUE Lending Program is available until December 31, 2022.
Interested borrowers may contact the nearest LANDBANK Lending Center or Branch nationwide or call LANDBANK’s customer service hotline at (02) 8-405-7000 or at PLDT Domestic Toll Free 1-800-10-405-7000.
Article Information
Comments (0)
LEAVE A REPLY
No comments yet
Be the first to share your thoughts!
Related Articles

PH can avoid PHP 1.7 billion in fuel imports with 2030 solar push
By Francis Allan L. Angelo The Philippines could avoid roughly PHP 1.7 billion (USD 28 million) in coal and gas import costs by hitting its 2030 solar capacity target, according to a new analysis released on May 4 by international research group Zero Carbon Analytics (ZCA). The findings position renewable energy as both an immediate


