LANDBANK launches loan program for Covid-19-hit firms, coops

MANILA – The Land Bank of the Philippines (LANDBANK) is offering a new lending program to help small and medium enterprises (SMEs), microfinance institutions (MFIs), and cooperatives recover from the impact of the coronavirus disease (Covid-19) pandemic.

Through the I-RESCUE (Interim REhabilitation Support to Cushion Unfavorably-affected Enterprises by Covid 19) Lending Program, LANDBANK is providing assistance through credit and loan restructuring under more flexible terms and conditions.

Interested SMEs, MFIs, and cooperatives may borrow up to 85 percent of their actual need for working capital, at an affordable interest rate of 5-percent per annum, payable up to a maximum of five years, with a grace period on the principal payment.

I-RESCUE likewise offers restructuring of existing loan account via an additional loan, extended repayment period, or through other means (or combination of means).

The loan may be extended up to a maximum of 10 years, with up to three years grace period on the principal and up to one year grace period on interest, depending on cash flow.

“LANDBANK stands ready to respond to the financial needs of enterprises hardly hit by the Covid-19 pandemic for rehabilitation support. We hope that the I-RESCUE Lending Program will help restore economic and social activities in our country, especially in the countryside,” LANDBANK president and CEO Cecilia Borromeo said.

The LANDBANK I-RESCUE Lending Program is in support of Republic Act No. 11469 or the “Bayanihan to Heal as One Act,” which ensures the provision of timely and affordable credit to sectors affected by Covid-19, including small farmers and fishers.

Interested borrowers may contact the nearest open 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. (PR)