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Agusan del Sur LGU hopes to level up with P392-M loan from LANDBANK


November 10, 2020

The local government of Rosario in Agusan del Sur recently availed of LANDBANK’s RISE UP LGUs Lending Program to finance the acquisition of heavy equipment, purchase of land, and construction of public terminal and public market.

ROSARIO, Agusan del Sur – The local government unit (LGU) of Rosario in Agusan del Sur has sought the assistance of Land Bank of the Philippines (LANDBANK) to finance priority projects amounting to P392 million under the Bank’s Restoration and Invigoration Package for a Self-sufficient Economy towards Upgrowth for LGUs (RISE UP LGUs) Lending Program.

Part of the projects to be financed by LANDBANK for this 2nd class municipality are the acquisition of heavy equipment, purchase of land for local development, and construction of a public terminal and market.

“We are honored and excited to partner with the Rosario LGU as we see their dedication in assisting our stakeholders, which are the farmers. We hope that, in a way, this will contribute in cushioning the effect of this pandemic to the local economy,” said LANDBANK CARAGA South Lending Center Head Arnel M. Caalim.

Additionally, the LGU is looking to purchase one six-wheeler and one 10-wheeler trucks for its logistical requirements, as well as a dump truck and a garbage compactor with auto-loader for better disposal and segregation of waste materials. The heavy equipment are seen to reduce operational expenses and provide additional income to the local coffers as these can be rented-out to neighboring LGUs.

Meanwhile, the development of their public terminal and market will also help Rosario farmers augment their income since more consumers will be able to reach them while cheaper market stall rentals can be offered to them.

“We would like to thank LANDBANK for being a partner of LGU Rosario in pursuing our dreams especially in our quest for developmental projects that will benefit our constituents, provide their basic needs, promote health and public safety and hopefully improve our economic stability,” said Rosario Municipal Mayor Jupiter Abulog.

A LANDBANK depositor since the 1990s, Rosario LGU is hoping to further strengthen its partnership with the Bank in terms of providing accessible financial channels to their people.

“We are also looking forward to the installation of a LANDBANK ATM in our office since this will be the first one in the entire municipality. Currently, we still have to travel to our neighboring municipality if we want to withdraw or deposit cash from the machine so this will really be helpful to our people,” Mayor Abulog added.

 

RISE UP LGUs Lending Program is a new offering of LANDBANK to local governments that aims to facilitate the regional and local development in its area by integrating the different players in the agricultural value-chain, and finance other innovative programs of LGUs which can bring back the confidence of its constituents in the local economy.

Interested borrowers of the LANDBANK RISE UP LGUs Lending Program 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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