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LANDBANK offers direct ‘study-now-pay-later’ loan program for students

Parents and guardians/benefactors of students enrolled for the upcoming school year can now directly avail of loans up to P300,000 from the Land Bank of the Philippines (LANDBANK). LANDBANK President and CEO Cecilia C. Borromeo said the bank is launching a new direct loan program to cover students’ tuition to assist parents and guardians/benefactors who may be reeling from effects of the COVID-19 health crisis. LANDBANK has allotted P1.5 billion in credit support under the I-STUDY (Interim Students’ Loan for Tuitions towards Upliftment of Education for the Development of the Youth) Lending Program to cover the tuition and other enrollment-related fees of eligible students. The LANDBANK I-STUDY Program is open to parents and guardians/benefactors of incoming students who are qualified under the admission and retention requirements of an academic institution recognized or accredited by the Department of Education (DepEd), Commission on Higher Education (CHED), or the Technical Education and Skills Development Authority (TESDA). Parents and guardians can borrow the amount of tuition equivalent to one (1) school year or two (2) semesters, or up to P150,000 per student but not more than P300,000 per eligible borrower. “LANDBANK supports President Duterte’s call to finance students’ access to quality education amid the economic challenges brought about by the pandemic. Through the I-STUDY Lending Program, we hope to help students finish their studies despite the difficulties they are facing,” Borromeo said. The I-STUDY Lending Program offers an affordable fixed interest rate of 5% per annum for short term loans for pre-school, primary, and secondary students payable within one (1) year, as well as for term loans for tertiary students payable up to a maximum of three (3) years, inclusive of one (1) year grace period on the principal. Eligible parents and guardians/benefactors should have an established repayment capacity, credit history and good credit standing. Eligible students cannot be a current beneficiary of the Universal Access for Quality Tertiary Education Act of 2017 (also known as Republic Act 10931), or any scholarship program or privilege granted to honor students and should be of good moral character as certified by school. The LANDBANK I-STUDY Program will be available only for School Years 2021 to 2022. For details about the Program’s features, eligibility and application requirements, 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. For more updates, please Follow, Like and Share the official LANDBANK Facebook and Instagram accounts (@landbankofficial) and Twitter (@LBP_Official) or visit the LANDBANK website (www.landbank.com).

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LANDBANK delivers P2.65 billion cash aid to 530,000 rice farmers amid COVID-19

The Land Bank of the Philippines (LANDBANK), in partnership with the Department of Agriculture (DA), has distributed a total of Php2.649 billion to 529,816 rice farmer-beneficiaries affected by the COVID-19 pandemic across 26 provinces, under the DA’s Financial Subsidy to Rice Farmers (FSRF) Program. As of July 1, 2020, a total of 61,928 rice farmers claimed their cash benefits through their existing LANDBANK ATM Cash Cards while 467,888 farmers received their financial assistance in designated pay-out sites nationwide. Through the FSRF Program, small rice farmers tilling farms with an area of one (1) hectare or less received Php5,000 each to supplement their production budget and family income. “In partnership with the Department of Agriculture led by Secretary William Dar, LANDBANK continues to deliver much-needed financial aid to small palay farmers nationwide during these difficult times. This is in fulfillment of our expanded mandate to support our priority sector—the agriculture sector—recover from the challenges of COVID-19 as soon as possible,” LANDBANK President and CEO Cecilia C. Borromeo said. Aside from the delivery of cash aid, LANDBANK has also provided 29,728 agrarian reform beneficiaries a one-year moratorium on amortizations with due dates falling during the previous Enhance Community Quarantine (ECQ) period. This covered 41,837 hectares of agricultural land amounting to a total of Php1.56 billion in dues. For more updates, please Follow, Like and Share the official LANDBANK Facebook, Instagram and YouTube accounts (@landbankofficial), Twitter (@LBP_Official), or visit the LANDBANK website (www.landbank.com).

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LANDBANK, 6 other digital payment firms join hands for quick release of 2nd SAP aid

Beneficiaries of the Social Amelioration Program (SAP) being implemented by the Department of Social Welfare and Development (DSWD) will expect faster release for the second tranche of their cash subsidies. The Land Bank of the Philippines (LANDBANK) will be working with six (6) financial service providers (FSP) to administer the electronic payment and distribution of emergency subsidies to entitled SAP beneficiaries. The move is a result of a memorandum of agreement signed on June 30, 2020 at the DSWD Central Office in Batasan, Quezon City by DSWD Secretary Rolando Joselito D. Bautista and LANDBANK President and CEO Cecilia C. Borromeo and representatives of the six FSPs – G-Xchange, Inc. Vice President for Enterprise Business Group Jose Luis G. Reyes;  PayMaya Philippines Inc. CEO Orlando B. Vea; Rizal Commercial Banking Corporation President and CEO Eugene S. Acevedo; Robinsons Bank Corporation President and CEO Elfren Antonio S. Sarte; Starpay Corporation President Lamberto Scarella; and Union Bank of the Philippines President and CEO Edwin R. Bautista.   The signing was witnessed by officials from the United States Agency for International Development (USAID).   Under the signed “Multilateral Agreement for the Electronic Payment of SAP Subsidies,” LANDBANK will facilitate and execute the crediting of the emergency subsidy of the beneficiaries into their respective nominated account in other financial institutions via electronic fund transfer using PESONet and Instapay based on instruction and payroll documents provided by DSWD within 24 hours. LANDBANK will also credit the program fund in the FSP’s funding accounts maintained with the LANDBANK Batasan Branch or in other financial institution based on the instruction and payroll documents provided by DWSD within 24 hours from receipt of payroll documents. “Our partnership marks a significant step towards facilitating the immediate, efficient, and secure delivery of emergency subsidy to disadvantaged individuals, families, and communities who are struggling with the challenges posed by COVID-19. We are confident that with six financial service providers on board for SAP 2, our efforts will be multiplied, resulting to a faster and more efficient delivery of much-needed subsidy to the beneficiaries,” LANDBANK President and CEO Borromeo said in her message. The qualified beneficiaries for SAP 2 are the family-beneficiaries of the first tranche that are still under enhanced community quarantine (ECQ) per Executive Order No. 112, series of 2020, and a Memorandum from the Office of the Executive Secretary dated May 2, 2020. These include the National Capital Region (NCR); Region III, except Aurora; Region IV-A; Benguet; Pangasinan; Iloilo; Cebu Province; Bacolod; Davao City; Albay Province; and Zamboanga City. On June 11, 2020, LANDBANK already completed the payout for the second wave of cash assistance worth P6.74 billion to the LANDBANK Cash Cards of 1.3 million Pantawid Pamilyang Pilipino Program (4Ps) beneficiaries under SAP 2.

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LBP's OFBank becomes purely digital branchless bank

The national government, spearheaded by the Department of Finance (DOF) and the Land Bank of the Philippines (LANDBANK), has launched the Overseas Filipino Bank (OFBank) as a digital-only, first branchless Philippine government bank that allows clients to complete banking transactions anytime and anywhere across the globe. The OFBank virtual launch today (June 29) was streamed live on the Facebook Pages of OFBank (@OFBank), and its parent bank, LANDBANK (@landbankofficial), and the LANDBANK YouTube Channel (/landbankofficial). The event was hosted online by TV personality Gretchen Ho.   The virtual launch was made possible with the support of officials led by Finance Secretary Carlos G. Dominguez, OFBank Chair and LANDBANK President and CEO Cecilia C. Borromeo, OFBank President and CEO Leila C. Martin, Visa Country Manager for the Philippines and Guam Dan Wolbert, and the respective Board of Directors of OFBank and LANDBANK. “Despite the global health crisis besetting the country today, our government remains true to its commitment of upholding the welfare of all Filipinos abroad and their families. The launch of OFBank today as a digital-only, first branchless Philippine bank is a testament to this,” OFBank Chair Borromeo said. As a digital-only facility, the OFBank, a fully-owned subsidiary of LANDBANK, now utilizes Digital Onboarding System with Artificial Intelligence (DOBSAI) to facilitate real-time account opening via the OFBank’s Mobile Banking Application. The new digital account opening platform allows overseas Filipinos (OFs), overseas Filipino workers (OFWs) and their beneficiaries to securely and conveniently submit all requirements online. Opening an account using DOBSAI via the OFBank Mobile Banking App is safe and secure. The applicant will only need to take a “selfie” and the system will compare this photo with the photo in the valid identification (ID) card uploaded by the client. The app likewise has advanced encryption and security technology that protects sensitive information. There are three types of accounts available in OFBANK’s DOBSAI: the OFBank Visa Debit Card for OFs and OFWs, the OFBank Visa Debit Card for beneficiaries, and the OFBank Debit Card for beneficiaries below 18 years old. These are interest-bearing peso savings accounts with no minimum initial deposit and monthly average daily balance (ADB), as well as dormancy fee. To earn interest, the accounts need to have a daily balance of P500.00. The OFBank Visa Debit Card allows cardholders, specifically the beneficiaries of OFs and OFWs, to receive secure and convenient real-time fund transfers using Visa Direct, Visa’s real time payment solution through the 16-digit card number.   “We’re extremely pleased to join our valued partner, OFBank in this launch to support OFWs, OFs and their beneficiaries. The reintroduction of OFBank as a digital-only, branchless Philippine bank is extremely timely when Filipinos are becoming more digital, and our research also shows that close to 80% of Filipinos are interested to use services from a digi-bank. We are glad to show our support to this community by enabling beneficiaries of OFWs and OFs to receive money in real-time by seamlessly and securely using the 16-digit OFBank Visa debit card, which they can also use to make face-to-face and online payments wherever Visa is accepted.” said Dan Wolbert, Visa Country Manager for the Philippines and Guam. OFBank account holders can use OFBank’s mobile facility to transfer funds to their beneficiaries’ OFBank and LANDBANK accounts, free of charge. Interbank fund transfers, on the other hand, are subject to a service fee of P25.00 per transaction via InstaPay and P15.00 per transaction via PesoNet.   OFBank Online Channels The OFBank is also increasing its presence online to reach more Filipinos worldwide. In the virtual event today, the Bank likewise introduced its modified website – www.ofbank.com.ph. The newly redesigned site contains key information about OFBank, list of products and services, and answers on Frequently Asked Questions (FAQs) from the banking public, among others. As part of its efforts to be of greater service to its customers, the Bank also launched its official Facebook page – @OFBank. The OFBank believes that this is an effective tool to inform the public about the Bank’s latest developments and offerings since Facebook is one of the most used social media platforms by Filipinos across the world. The page will also be an additional channel through which client queries will be addressed. “As the OFBank becomes fully digital, we aim to better serve the banking and financing requirements of our kababayans abroad, as well as their families here in our country. Rest assured that OFBank will continuously work on providing safe, reliable and secure digital banking,” OFBank President and CEO Martin said.

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Premyo Bonds quarterly Rewards Draw grand winners take home P1M and a house and lot unit

The grand winners of the Bureau of the Treasury’s (BTr) first and second quarter Rewards Draw for the “Premyo Bonds Para sa Bayan” (Premyo Bonds) recently received their cash and non-cash rewards in a ceremonial turnover held at the Ayuntamiento Building, Intramuros in Manila on June 25, 2020, a week after the actual draw. The event was led by National Treasurer Rosalia V. De Leon, Deputy Treasurers Atty. Erwin D. Sta. Ana, Atty. Gisela F. Lood and Sharon P. Almanza, and Land Bank of the Philippines (LANDBANK) Trust Banking Group Vice President Lolita M. Almazar. First Quarter Rewards Draw grand winner China Banking Corp. (China Bank) Employee Retirement Plan and Second Quarter Rewards Draw grand winner Josefina L. Flores each received a Manager’s Check for P1 million and a brand new house and lot unit from Lessandra by Vista Land & Lifescapes, Inc. (Vista Land) and Property Company of Friends, Inc. (Pro-Friends), respectively. The China Bank Employee Retirement Plan, an entity established primarily for the benefit of the bank’s employees, was represented by China Bank First Vice President and Trustee Maria Rosanna Catherina Testa, together with China Bank First Vice President Mary Ann Lim, and China Bank First Vice President and Treasurer Christopher Ma. Carmelo Y. Salazar. China Bank First Vice President Lim said in a message that innovative instruments, such as the Premyo Bonds, provide wider opportunities for investors. Meanwhile, Ms. Flores, for her part, expressed how grateful she was to receive the rewards, and shared that it was only on the last day of the Premyo Bonds public offering when she was able to invest. Luckily enough, her Electronic Rewards Number (eRN) was drawn as the grand winner during the second quarter Rewards Draw. The eRNs of grand winners, together with other winners of the First and Second Quarter Rewards Draw for the Premyo Bonds were electronically selected last June 18. A total of 116 lucky investors were drawn in each quarterly Rewards Draw: 100 winners of 3rd cash reward tier of P20,000 each, 15 winners of 2nd cash reward tier of P100,000 each, and one grand prize winner of P1 million and a house and lot unit. The winners of the 2nd and 3rd cash rewards tiers received their cash rewards on June 23, 2020 via direct crediting to their designated settlement account. The Premyo Bonds were offered to the public by the National Government through the BTr, with LANDBANK and Development Bank of the Philippines (DBP) as Joint Lead Issue Managers. Joining the two state-run lenders as Joint Issue Managers were private banks BDO Capital and Investment Corp., China Bank Capital Corp., and First Metro Investment Corp. The Issue Managers also served as Selling Agents. The third quarter Rewards Draw for the Premyo Bonds will be held on September 18, 2020.

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LANDBANK releases second wave of cash grants to 1.3M beneficiaries

The Land Bank of the Philippines (LANDBANK), in partnership with the Department of Social Welfare and Development (DSWD), fully disbursed the second round of cash grants worth P6,741,409,650.00 to 1,335,711 Pantawid Pamilyang Pilipino Program (4Ps) beneficiaries under the national government’s Social Amelioration Program (SAP) to support families heavily affected by the COVID-19 pandemic.                             The payout for the second wave of cash assistance to the LANDBANK Cash Cards of intended beneficiaries was completed on Thursday, June 11, 2020. The beneficiaries may withdraw from more than 2,000 LANDBANK ATMs available nationwide free of charge, and the more than 20,000 ATMs of BancNet-member banks. They may also use their cash cards for cashless purchases in groceries, supermarkets and drugstores through the Point-of-Sale (POS) machines at the cashier or check-out counters. “Through the LANDBANK Cash Cards, we already delivered the second wave of cash grants to 1.3 million beneficiaries in an immediate, safe and secure manner. Rest assured that LANDBANK will continuously work with the national government to ensure that future beneficiaries will receive their emergency subsidies quickly, while strictly adhering to the quarantine measures in place,” LANDBANK President and CEO Cecilia C. Borromeo said. LANDBANK’s distribution of cash grants is in line with the passage of Republic Act No. 11469 or the “Bayanihan to Heal as One” Act and the issuance of DSWD-DOLE-DTI-DA-DOF-DBM Joint Memorandum Circular No. 1, Series of 2020 or the “Special Guidelines on the Provision of Social Amelioration Measures.” For more updates, please follow, like, and share the official LANDBANK social media accounts—for Facebook and Instagram: @landbankofficial, and for Twitter: @LBP_Official, and the LANDBANK website: www.landbank.com.

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LANDBANK brings banking services closer to more Filipinos in remote areas

As part of its aggressive thrust to promote greater financial inclusion, the Land Bank of the Philippines (LANDBANK) continues to expand its Agent Banking Program to bring basic banking services in remote and unbanked communities of the country. The program is now being implemented in 14 provinces in Luzon, Visayas and Mindanao through 820 Point-of-Sale (POS) terminals. These provinces include Cagayan, Pangasinan, Tarlac, Rizal, Batangas, Palawan, Occidental Mindoro, Quezon, Aklan, Guimaras, Capiz, Cebu, Misamis Oriental and Agusan del Norte.                         Under the agent banking strategy, the Bank enters into an agreement with POS Cash Out-Only Partners to facilitate cash out transactions and with full-suite Agent Banking Partners to offer card sale, cash in, cash out, fund transfer and bills payment. Through the LANDBANK Agent Banking Program, customers in places without formal banking presence can enjoy lower transaction costs, improved access to financial services and potentially save on travel and related expenses. Beneficiaries of the national government’s Conditional Cash Transfer (CCT) and Unconditional Cash Transfer (UCT) programs can also withdraw their cash grants through the LANDBANK agent partners. From January to April 2020, a total of 1.16 Million transactions amounting to P4.77 Billion were completed via full-suite Agent Banking Partners and POS Cash Out-Only partners. This is an increase of 235% in volume from 346,320 transactions and 190% in amount from P1.646 Billion processed in the same period a year ago. “The LANDBANK Agent Banking Program allows the Bank to better serve its mandated sectors especially from remote areas where financial services are inaccessible. With the help of our agent partners across the country, we are bringing more Filipinos into the financial mainstream, thus, promoting greater financial inclusivity,” LANDBANK President and CEO Cecilia C. Borromeo said. At present, LANDBANK is working on expanding the features of the program to enable its beneficiaries to pay their loan amortization. The Bank also plans to increase the number of its agent partners, particularly from unbanked and underserved areas, to widen its reach and bring basic banking services closer to more Filipinos. Before this year ends, LANDBANK targets to get 16 new direct Agent Banking Partners on board, convert 64 eligible POS Cash-Out Only Partners into full-suite Agent Banking Partners, and accredit 200 new full-suite Agent Banking Partners in locations with high number of CCT beneficiaries. The LANDBANK Agent Banking Program is in accordance with the Bangko Sentral ng Pilipinas (BSP) Circular No. 940 series of 2017 wherein banks are now allowed to serve clients through cash agents contracted to perform selected banking services on its behalf in order to exponentially expand reach and serve clients more efficiently.

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CFIEP thru LANDBANK offers loan package for calamity-affected CFIs

The Countryside Financial Institutions Enhancement Program (CFIEP), a joint program of Bangko Sentral ng Pilipinas (BSP), Philippine Deposit Insurance Corporation (PDIC) and Land Bank of the Philippines (LANDBANK), is rolling-out a new lending program to assist Countryside Financial Institutions (CFIs) that have been affected by natural calamities, man-made disasters, pests and diseases, and viral infections or outbreaks, including the coronavirus disease (COVID-19) pandemic.     The Countryside Financial Institutions Enhancement Program – 2020 Calamity Assistance Program (CFIEP-2020 CAP) lending program will provide additional working capital to Cooperative Banks, Rural Banks and Thrift Banks. The credit assistance may augment liquidity of CFIs that are affected by extensions or defaults of its borrowers as a result of calamities/disasters/viral infections, and thereby encourage CFIs to continue lending, particularly to the agricultural sector.   “In the first three months of the year alone, our country has been hit by various calamities that have caused unfavorable outcomes to CFIs. We hope that the CFIEP2020 CAP will help them recover from the damages and disruptions in their operations, and enable them to restore operational cash flows, thus, allowing them to continue lending to small farmers,” LANDBANK President and CEO Cecilia C. Borromeo said.   The program will be made available by LANDBANK to eligible CFIs at an amount equivalent to 90% of their affected existing portfolio or P10 million per CFI, whichever is lower, provided that the loan amount does not exceed the CFI’s borrowing capacity, as per LANDBANK’s existing policy. The loan shall bear an affordable interest rate of 4.5% per annum, fixed for one (1) year and subject to annual repricing thereafter. The loan shall be payable up to a maximum of five (5) years, with up to one (1) year grace period on principal and interest payments.   The CFIs are also expected to relend the fund to their affected end-borrowers at concessional interest rates.    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.  

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DOF, LANDBANK, BMFI extend psycho-social support to Marawi survivors

Over 2,000 internally displaced persons (IDPs) of the five-month-long Marawi siege that transpired exactly three years ago today, May 23, have been given psycho-social support (PSS) under the Gawad Angat BAYan (GABAY) Program, a corporate social responsibility (CSR) project of Land Bank of the Philippines (LANDBANK), funded by the Department of Finance (DOF) under the Kreditanstalt für Wiederaufbau-Interest Differential Fund (KfW-IDF).   Since the implementation of the program in January 2019, LANDBANK, as Program Manager, has partnered with Balay Mindanaw Foundation, Inc. (BFMI), as Program Implementer, to conduct various PSS activities that have so far benefited 1,673 internally displaced adults and 455 internally displaced children in ten (10) barangays and transitional shelters in Marawi City and Lanao del Sur. The PSS activity, dubbed as Mashwara Para Ko Kapamulong (Conversations for Healing), is designed to provide space for community sharing and community-building among IDPs and other individuals affected by violence. It also aimed to identify and prioritize issues within the communities, and come up with common hopes and possible actions to address the identified issues.   “The LANDBANK GABAY Program embodies the Bank’s commitment to help communities grow and recover. Since the implementation of the program in 2019, we were able to give hope to many of our brothers and sisters in Marawi City and Lanao del Sur, helping them rebuild their communities from the catastrophic impact brought about by the five-month-long siege in 2017,” LANDBANK President and CEO Cecilia C. Borromeo said. To continue the conversations with internally displaced adults, LANDBANK facilitated post-PSS activities, such as the Mashwara Corners, in partner-communities where participants shared their personal journeys since completing the Mashwara Para Ko Kapamulong activities. Meanwhile, for the internally displaced children, the Bank conducted a series of Children’s Festival which included games, storytelling and learning sessions. A unique feature of the PSS program is the incorporation of eco-therapy where LANDBANK mounted various workshops and hands-on trainings on natural farming to share and emphasize its importance as an introduction to a sustainable way of living and healing. As part of the main components of the GABAY Program, LANDBANK also held a series of trainings of trainers on PSS, with a total of 101 graduates. They eventually served as facilitators in the conduct of PSS activities and other interventions for the conflict-torn communities. The GABAY Program was also made possible in cooperation with Task Force Bangon Marawi (TFBM), LANDBANK Countryside Development Foundation, Inc. (LCDFI), and the local government and people of the Islamic City of Marawi.

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LANDBANK, DA distributes P993M in cash aid to small rice farmers

The Land Bank of the Philippines (LANDBANK), in partnership with the Department of Agriculture (DA), continued to distribute cash assistance to small rice farmers during the CoVid-19 pandemic, paying out a total of P993.15 Million to 198,630 farmer-beneficiaries. The one-time financial assistance of P5,000 each is granted to rice farmers tilling farms with areas of 0.5 to two (2) hectares under the DA’s Rice Farmer Financial Assistance (RFFA) program, and those tilling farms one (1) hectare or less, under the DA’s Financial Subsidy to Rice Farmers (FSRF) initiative. As of May 13, 2020, a total of 107,463 RFFA and 91,167 FSRF farmer-beneficiaries received their cash grants amounting to P537.315Million for RFFA and P455.835 Million for FSRF. The distribution of cash assistance under the RFFA and FSRF is expected to continue until June.   LANDBANK has partnered with various national government agencies for the distribution of the Social Amelioration Program (SAP) of the national government in support of the implementation of Republic Act No. 11469 or the “Bayanihan to Heal as One Act” to combat the CoVid-19 pandemic. For more updates, please refer to the official LANDBANK social media accounts on Facebook and Instagram (@landbankofficial) and on Twitter (@LBP_Official) or via the LANDBANK website (www.landbank.com).

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LANDBANK, DOLE ready cash aid for displaced OFWs due to COVID-19

In partnership with the Department of Labor and Employment (DOLE), the Land Bank of the Philippines (LANDBANK) is gearing up to distribute cash assistance to overseas Filipino workers (OFWs) who have been displaced due to the coronavirus disease (COVID-19) pandemic. Under the DOLE AKAP (Abot Kamay ang Pagtulong) for OFWs Program, around 135,720 displaced land-based and sea-based OFWs will each receive a one-time financial assistance of P10,000 or $200, or its equivalent currency in the host country. Beneficiaries are composed of about 85,720 on-site OFWs based abroad, and 50,000 repatriated OFWs or “Balik Manggagawa” already in the country. Through the LANDBANK Remittance System (LBRS) eligible repatriated OFWs from National Capital Region (NCR) will be able to claim their P10,000 cash aid from LANDBANK Branches free of charges via PESONet.    Meanwhile, the 85,720 OFWs based abroad will receive their cash aid from their respective Philippine Overseas Labor Offices (POLO) processed via LANDBANK’s Outgoing Telegraphic Transfer (OTT), free from bank commissions and cable charges. As of May 5, a total of 2,468 OFWs benefited, with total proceeds amounting to P24.68 million released by LANDBANK. “LANDBANK is closely working with DOLE in assisting our OFWs to weather work disruptions and circumstances brought about by the COVID-19 crisis. This means immediately delivering financial support to our OFWs, wherever they are in the world,” LANDBANK President and CEO Cecilia C. Borromeo said.   DOLE CAMP Update The AKAP for OFWs Program supplements DOLE’s COVID-19 Adjustment Measures Program (CAMP), wherein LANDBANK is also a distribution partner. The CAMP provides a one-time P5,000 financial support to employees of companies or business establishments that have adopted flexible work arrangements or temporary closure due to the current health adversity. As of May 5, NCR-based workers that benefited from the program has reached 18,222 totaling P91.11 million in cash grants released by LANDBANK under CAMP. LANDBANK supports national government agencies in the distribution of various social protection programs to sectors most affected by health and economic concerns caused by the COVID-19 pandemic. This is in line with LANDBANK’s designation as the disbursement arm of the Social Amelioration Program (SAP) of the government for the implementation of Republic Act No. 11469 or the “Bayanihan to Heal as One Act.” For details and updates, please refer to the official LANDBANK social media accounts  @landbankofficial (Facebook and Instagram), @LBP_Official (Twitter), and www.landbank.com.

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LANDBANK offers ‘study now, pay later’ program for private schools

The Land Bank of the Philippines (LANDBANK) is launching a new lending program to boost the capacity of private academic institutions to implement a ‘study now, pay later’ scheme for its students. Under the LANDBANK ACADEME (ACcess to Academic Development to Empower the Masses towards Endless Opportunities) Lending Program, LANDBANK has allotted a total program fund of P3-billion in credit support for private high schools, private technical and vocational education training institutions, as well as Higher Education Institutions (HEIs) such as colleges and universities, to provide continuing education to their students. The program offers ‘3-3-3’ features with a P3-billion-program fund in credit support, a very low fixed interest rate of only 3% per annum, and payable based on the maturity of the sub-promissory notes but not to exceed three (3) years. It forms part of LANDBANK’s social investment package to encourage students to pursue and finish their education. The LANDBANK ACADEME Lending Program is open to private/non-DepEd Junior/Senior High Schools with permit to operate by DepEd, as well as to private Technical-Vocational and Education Training (TVET) Institutions in partnership with and being regulated by the Technical Education and Skills Development Authority (TESDA). Eligible borrowers of the newly launched LANDBANK ACADEME Lending Program also include Private Higher Education Institutions (HEIs) such as Colleges and Universities with undergraduate programs authorized by Philippine Commission on Higher Education (CHED) and the HEIs are accredited by either any of the following: Philippine Accrediting Association of Schools, Colleges and Universities (PAASCU), Philippine Association of Colleges and Universities' Commission on Accreditation (PACUCOA), Association of Christian Schools, Colleges and Universities Accrediting Association Inc. (ACSCU-AAI) or Federation of Accrediting Agencies of the Philippines (FAAP). "Given the financial constraints brought about by the COVID-19 pandemic, LANDBANK is financing interventions to ensure that students will be able to enroll in school when classes finally resume. The LANDBANK ACADEME Lending Program supports the education sector in providing students greater access to quality education amid the health crisis we are all facing,” LANDBANK President and CEO Cecilia C. Borromeo said. The LANDBANK ACADEME Lending Program offers refinancing or rediscounting of promissory notes issued by the parents or benefactors of students for school loans. Eligible schools can borrow up to 70% of the sub-promissory notes on a per semester basis and subject further to a maximum amount based on the school’s net borrowing capacity. The loan will be released either in lump sum or staggered basis per semester, and will be directly credited to the deposit account maintained by the school with LANDBANK. The LANDBANK ACADEME Lending Program will be available until June 30, 2021. For details about the program’s features and application requirements, 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. For more updates, please refer to the official LANDBANK Facebook and Instagram accounts (@landbankofficial) and Twitter (@LBP_Official) or the LANDBANK website (www.landbank.com). Click here for more information  

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