LANDBANK expands calamity loan packages
LAND BANK of the Philippines (LANDBANK) has expanded its loan packages for people and micro, small and medium enterprises (MSMEs) affected by calamities to fast-track recovery efforts.
“We want to boost the ability of our clients and partners to recover quickly from calamities and disasters,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said in a statement on Monday.
“We have expanded our accessible financial support interventions to help build resilience and expedite response and rehabilitation efforts,” she added.
The enhanced LANDBANK CARES+ (Community Assistance and Reintegration Support Plus) lending program offers funding for affected farmers and fishers, cooperatives, MSMEs, corporations and electric distribution utilities. The loans can be used for the recovery and restoration of their business operations.
Funds can be used for working capital, capital expenditures, construction, repair or acquisition of damaged equipment, facilities and structures.
Electric distribution utilities can also use the loan as short-term working capital for any increases in generation and distribution expenses.
Meanwhile, LANDBANK offers Electronic Salary Loan (eSL) for employees of government agencies and companies with LANDBANK payrolls.
Borrowers can apply online via the lender’s website, iAccess or mobile banking app. The loan will then be directly credited to their accounts.
“Existing eSL borrowers who have maintained good payment standing for at least three months can also quickly renew their loans,” LANDBANK said.
The state-run lender also said it would soon launch an “EasyCash for Emergencies” feature for LANDBANK credit card holders.
The feature will allow clients to convert their available credit limits into emergency cash with flexible repayment options of up to 36 months.
LANDBANK will send a text message and e-mail to eligible cardholders. Once availed of, the funds will be credited directly to the cardholder’s deposit account.
Customers may also call the bank’s customer care to request for the cash conversion, the bank said.
LANDBANK’s net income rose by 11% in the first quarter to P12 billion, backed by increased interest income from loans. — Aaron Michael C. Sy