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MANILA: State-run Land Bank of the Philippines (LandBank) expanded its loan packages for businesses and individuals affected by calamities and natural disasters to help facilitate and fast-track rebuilding efforts.
In a statement Monday, LandBank said the Community Assistance and Reintegration Support Plus (CARES+) lending program allows affected farmers and fishers, cooperatives, micro, small and medium enterprises (MSMEs), corporations, and electric distribution utilities to access loans to finance their recovery and restore regular business operations.
‘We want to boost the ability of our clients and partners to recover quickly from calamities and disasters. We have expanded our accessible financial support interventions to help build resilience and expedite response and rehabilitation efforts,’ LandBank President and Chief Executive Officer Lynette Ortiz said.
Eligible borrowers may use the funds for working capital, capital expenditures, and the construction, repair or acquisition of disaster-damaged
equipment, facilities and structures.
Electric distribution utilities can also use the loan as short-term working capital for the incremental increase in generation and distribution expenses.
For employees of government agencies and companies with LandBank payrolls, the bank is also offering Electronic Salary Loan (eSL) that provides convenient and quick access to funds.
Eligible borrowers can apply for the eSL online via the LandBank website, iAccess, or Mobile Banking App, with loan proceeds 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 will also introduce its new EasyCash for Emergencies feature for credit cardholders, which allows clients to convert their available credit limits into emergency cash with flexible repayment options of up to 36 months.
Eligible cardholders will receive an SMS and email from LandBank confirming their eligibility for the credit limit conversion,
and the funds will be credited to their deposit account.
Customers may also call the bank’s customer care to request for the cash conversion.
Source: Philippines News Agency
