The Land Bank of the Philippines (LANDBANK) approved loans totaling P62.32 billion for 194 local government units (LGUs) nationwide under its RISE-UP LGUs (Restoration and Invigoration package for a Self-Sufficient Economy towards UPgrowth for LGUs) Lending Program. Of this amount, P1.89 billion has been released to 32 LGUs as of February 2, 2021.
The RISE UP LGUs Program aims to provide the necessary funding requirements of provincial, city, and municipal LGUs to revive their local economy and recover from the adverse impact of the COVID-19 pandemic.
The Program was launched in July 2020 in partnership with the Union of Local Authorities of the Philippines (ULAP), with the participation of the Leagues of LGUs, namely the League of Provinces of the Philippines (LPP), League of Cities of the Philippines (LCP), and League of Municipalities of the Philippines (LMP).
Since then, the Program has gained wide acceptance by LGUs that the state-run bank has increased its fund allocation from the initial P10 billion to P80 billion to accommodate the rising number of loan applications.
Through the RISE-UP LGUs Lending Program, LANDBANK finances COVID-19 response and recovery interventions, including but not limited to the purchase of agricultural produce, acquisition of equipment and construction of facilities for linking of products to the market, and other programs and projects of the LGU that provide basic and support services, social welfare, healthcare, and other infrastructure activities.
“LANDBANK recognizes the crucial role of LGUs in the whole-of-nation approach to recover from the economic downturn caused by the pandemic. We are fully committed to finance local development projects toward generating jobs and jumpstarting the local economy,” said LANDBANK President and CEO Cecilia C. Borromeo.
Interest rate subsidy
The National Government, through Republic Act No. 11494 or the “Bayanihan to Recover as One Act”, is providing P1 billion in Interest Subsidy Fund (ISF) for LGU loans obtained from LANDBANK, which may be availed until December 31, 2022, unless otherwise earlier depleted.
The interest subsidy is subject to a maximum limit of 2% per annum of the approved loan amount or P10 million per province and city, and P5 million per municipality, whichever is lower.
Applying the interest subsidy to the RISE UP LGUs Lending Program, outstanding and succeeding loan releases to LGUs until December 31, 2022 or the depletion of the ISF, whichever comes earlier, will be subject to a fixed interest of 4% per annum inclusive of the 2% per annum subsidy from the National Government. Thereafter, the interest shall remain to apply but without any subsidy from the National Government.
LANDBANK is therefore encouraging LGUs to promptly draw on their approved and enrolled loans under the RISE UP LGUs Lending Program and take advantage of the interest subsidy.
Interested LGUs may contact the nearest open LANDBANK Lending Center or Branch nationwide, or call LANDBANK’s customer service 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, Instagram and YouTube accounts (@landbankofficial), Twitter (@LBP_Official), and join our Viber community (@LANDBANK), or visit the LANDBANK website (www.landbank.com).
LANDBANK remains financially strong, regulatory compliant
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LANDBANK wins big at ARTA Awards for excellent service
LANDBANK Branch Banking Sector Head, Executive Vice President Liduvino S. Geron (5th from right) leads the 12 branch awardees in accepting recognition from ARTA for their outstanding service delivery during the Report Card Survey (RCS) Awards Ceremony. LANDBANK led the roster of government agencies recognized for exemplary service, with 12 of its branches earning top marks in the 2023 Report Card Survey (RCS) 2.0 by the Anti-Red Tape Authority (ARTA). The LANDBANK branches were honored at the ARTA RCS Awards Ceremony at Conrad Manila on 30 October 2024, underscoring the Bank’s collective commitment to providing efficient, high-quality services in compliance with the Ease of Doing Business (EODB) Law. “These recognitions from ARTA reflect LANDBANK’s dedication to empowering Filipinos with accessible, streamlined financial services. We remain committed to excellent customer experience as we support inclusive countryside to countrywide progress,” said LANDBANK President and CEO Lynette V. Ortiz. The ARTA RCS 2.0 is a holistic tool that measures the quality, efficiency, and adequacy of government services. Of all the Government-Owned and Controlled Corporations (GOCCs) surveyed, the LANDBANK Cauayan and Talibon branches earned the highest ratings, each receiving a Gold Award. Six other LANDBANK offices were also recognized with Gold Awards, including branches in San Isidro in Isabela, P. Ocampo in Manila, Bataan - National Highway, LANDBANK Head Office Cash Department in Manila, Cotabato City Hall, and Don M. Banzon in Balanga. Meanwhile, LANDBANK branches in Mabolo, San Carlos City in Pangasinan, Cabanatuan in Nueva Ecija, and Pasig - Sixto Antonio earned Silver Awards. These achievements reinforce LANDBANK's commitment to drive national progress by continually raising public service standards as a leader in service innovation and customer satisfaction. ABOUT LANDBANK LANDBANK is the largest development financial institution in the Philippines promoting financial inclusion, digital transformation, and sustainable national development. Present in all 82 provinces in the country, the Bank is committed to provide accessible and responsive financial solutions to empower Filipinos from countryside to countrywide.
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