LAND BANK of the Philippines (LANDBANK) said it lent P41.3 billion to help with the recovery of businesses and cooperatives hurt by the pandemic.
As of Jan. 31, the bank said in a statement that it has lent to a total of 825 borrowers, of which 549 were micro and small enterprises, 134 cooperatives, seven microfinance institutions, and 135 large enterprises.
The bank did not provide a breakdown of the amounts lent to each category.
“LANDBANK remains committed to support the resurgence of pandemic-hit businesses and cooperatives. We will continue to serve their financial requirements to further advance the country’s ongoing economic recovery,” LANDBANK President and Chief Executive Officer Cecillia C. Borromeo said.
The loans were given out under the Interim Rehabilitation Support to Cushion Unfavorably affected Enterprises by COVID-19 (I-RESCUE) Lending Program, which LANDBANK said is extended until December 2023 to accommodate more borrowers.
LANDBANK said the program was launched at the onset of the pandemic, and was designed to give timely financial aid.
The program features a longer repayment period, postponement of principal and interest payments, and lower interest rates, the bank said.
Borrowers can borrow up to 85% of their emergency or permanent working capital requirements under the program.
The loans have a fixed 7% interest rate for one year, subject to annual repricing thereafter, the bank added. — Aaron Michael C. Sy