LANDBANK, Taguig City LGU sign P1.4-B credit facility for infra projects

The Land Bank of the Philippines (LANDBANK) and the City Government of Taguig signed a credit agreement worth P1.4 billion to finance the City’s infrastructure and development projects that will cater to the educational, medical, and recreational needs of Taguigeños.

Taguig City Mayor Maria Laarni L. Cayetano and LANDBANK President and CEO Cecilia C. Borromeo led the signing on 6 September 2022 at the Mayor’s Office in Taguig City. They were joined by Taguig City Administrator Atty. Jose Luis G. Montales and City Treasurer Atty. J. Voltaire I. Enriquez, along with LANDBANK National Development Lending Sector Head, Executive Vice President Liduvino S. Geron, Corporate Banking Group Head, Senior Vice President Ma. Celeste A. Burgos, and Public Sector Department Head, Assistant Vice President Melissa V.A. Abundo.

“LANDBANK will continue to find opportunities to serve the nation with the City Government of Taguig, in line with our mutual goal of advancing inclusive economic growth towards building a stronger and more resilient local economy,” said LANDBANK President and CEO Borromeo.

Under the agreement, LANDBANK will finance the construction and completion of the new Taguig City Hall, including its proposed community and recreational centers, and theater.

The credit facility will also cover the construction and completion of the City’s General Hospital and University Complex buildings, to provide more accessible health care and educational services for its constituents, respectively.

“Hopefully, this partnership will prosper through LANDBANK’s kind assistance and support. We recognize LANDBANK as one of our closest partners in development and we appreciate your assistance in pushing the City of Taguig to be even more successful than it is today,” said Taguig City Mayor Cayetano.

The P1.4 billion LANDBANK credit facility is part of the P7.7 billion Omnibus Term Loan Facility (OTLF) approved by the Bank for the Taguig City LGU.

LANDBANK approved the first drawdown from the OTLF amounting to P1.4 billion under the Restoration and Invigoration Package for a Self-sufficient Economy towards Upgrowth for LGUs (RISE-UP LGUs) Lending Program, to fast-track the City’s recovery from the challenges of the COVID-19 pandemic.

LANDBANK also serves the City of Taguig through the disbursement of funds for the beneficiaries of the Conditional and Unconditional Cash Transfer (CCT/UCT) Programs of the Department of Social Welfare and Development (DSWD).

The CCT and UCT beneficiaries can use their LANDBANK Prepaid Cards for cash withdrawals from the Bank’s nine (9) branches, 59 ATMs, and 7-Eleven ATMs located throughout the City.

The state-run Bank also provides payroll and salary loan services for the City’s employees, as well as digital management of Taguig City’s institutional account via the LANDBANK weAccess—the Bank’s internet banking facility for corporate clients and government agencies.