Taguig City Mayor Hon. Maria Laarni L. Cayetano (3rd from right) and LANDBANK President and CEO Cecilia C. Borromeo (4th from right) lead the signing of a P1.4 billion credit agreement for the City’s infrastructure projects on 6 September 2022 at the Mayor’s Office in Taguig City. They are joined by Taguig City Administrator Atty. Jose Luis G. Montales (2nd from right), City Treasurer Atty. J. Voltaire I. Enriquez (rightmost), LANDBANK National Development Lending Sector Head, Executive Vice President Liduvino S. Geron (5th from right), and LANDBANK Corporate Banking Group Head, Senior Vice President Ma. Celeste A. Burgos (leftmost).
BGC, Taguig City – The Land Bank of the Philippines (LANDBANK) and the City Government of Taguig signed a credit agreement worth P1.4 billion to finance the City’s infrastructure and development projects that will cater to the educational, medical, and recreational needs of Taguigeños.
Taguig City Mayor Maria Laarni L. Cayetano and LANDBANK President and CEO Cecilia C. Borromeo led the signing on 6 September 2022 at the Mayor’s Office in Taguig City. They were joined by Taguig City Administrator Atty. Jose Luis G. Montales and City Treasurer Atty. J. Voltaire I. Enriquez, along with LANDBANK National Development Lending Sector Head, Executive Vice President Liduvino S. Geron, Corporate Banking Group Head, Senior Vice President Ma. Celeste A. Burgos, and Public Sector Department Head, Assistant Vice President Melissa V.A. Abundo.
“LANDBANK will continue to find opportunities to serve the nation with the City Government of Taguig, in line with our mutual goal of advancing inclusive economic growth towards building a stronger and more resilient local economy,” said LANDBANK President and CEO Borromeo.
Under the agreement, LANDBANK will finance the construction and completion of the new Taguig City Hall, including its proposed community and recreational centers, and theater.
The credit facility will also cover the construction and completion of the City’s General Hospital and University Complex buildings, to provide more accessible health care and educational services for its constituents, respectively.
“Hopefully, this partnership will prosper through LANDBANK’s kind assistance and support. We recognize LANDBANK as one of our closest partners in development and we appreciate your assistance in pushing the City of Taguig to be even more successful than it is today,” said Taguig City Mayor Cayetano.
The P1.4 billion LANDBANK credit facility is part of the P7.7 billion Omnibus Term Loan Facility (OTLF) approved by the Bank for the Taguig City LGU.
LANDBANK approved the first drawdown from the OTLF amounting to P1.4 billion under the Restoration and Invigoration Package for a Self-sufficient Economy towards Upgrowth for LGUs (RISE-UP LGUs) Lending Program, to fast-track the City’s recovery from the challenges of the COVID-19 pandemic.
LANDBANK also serves the City of Taguig through the disbursement of funds for the beneficiaries of the Conditional and Unconditional Cash Transfer (CCT/UCT) Programs of the Department of Social Welfare and Development (DSWD).
The CCT and UCT beneficiaries can use their LANDBANK Prepaid Cards for cash withdrawals from the Bank’s nine (9) branches, 59 ATMs, and 7-Eleven ATMs located throughout the City.
The state-run Bank also provides payroll and salary loan services for the City’s employees, as well as digital management of Taguig City’s institutional account via the LANDBANK weAccess—the Bank’s internet banking facility for corporate clients and government agencies.
LANDBANK recognized as outstanding BSP partner
Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. (leftmost) and Deputy Governor Bernadette Romulo-Puyat (rightmost) present a plaque of recognition and a special token to Land Bank of the Philippines (LANDBANK) President and CEO Lynette V. Ortiz (center), along with Executive Vice Presidents Liduvino S. Geron (2nd from right) and Leila C. Martin (4th from right), during the 2024 Outstanding BSP Stakeholders Appreciation Ceremony on 02 August 2024 at the BSP Head Office in Manila. LANDBANK was recognized for its strong support in the circulation and usage of the 1000-Piso polymer banknotes. The state-run Bank was also lauded for its vital role as the distribution arm of the National Government’s social welfare programs, ensuring the timely, safe, and efficient disbursement of cash aid to Pantawid Pamilyang Pilipino Program (4Ps) beneficiaries. 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.
LEARN MORE
LLFC-ULFC merger to boost financing for enterprise expansion
Land Bank of the Philippines (LANDBANK) welcomed the recent issuance of Executive Order No. 65, which authorizes the merger of the LANDBANK Leasing and Finance Corporation (LLFC) and UCPB Leasing and Finance Corporation (ULFC). President Ferdinand R. Marcos Jr. signed EO 65 on 6 August 2024, which effectively merges the two leasing and finance corporations, with LLFC as the surviving entity. Both LLFC and ULFC are subsidiaries of LANDBANK, with the latter becoming a subsidiary upon the merger of LANDBANK and the United Coconut Planters Bank (UCPB) in 2022. “Given the similar product and service offerings, this synergy will enhance LANDBANK’s leasing and financing market power and reach. The move is also consistent with the national government’s streamlining to address duplication of functions, and organizational right-sizing to reduce the demand on government resources such as personnel and infrastructure, among others,” said LANDBANK President and CEO Lynette V. Ortiz. The merger positions LLFC to better support the national government’s development agenda, with its strengthened capital base and improved operational capacity. The state-run Bank also assured the clients of LLFC and ULFC that the merger will be smooth and orderly—with customer servicing unhampered—and conducted with the welfare of all stakeholders in mind. ABOUT LANDBANK LANDBANK is the largest development financial institution in the country promoting financial inclusion, digital transformation, and sustainable national development. Present in all 82 provinces in the county, the Bank is committed to provide accessible and responsive financial solutions to empower Filipinos from countryside to countrywide.
LEARN MORE
LANDBANK leads P110-B syndicated loan to fuel the local power sector
PSALM President and CEO Dennis Edward A. Dela Serna (2nd from right), LANDBANK President and CEO Lynette V. Ortiz (rightmost), and DBP President and CEO Michael O. de Jesus (3rd from right) lead the ceremonial signing for the P110-billion syndicated loan for PSALM on 30 July 2024 in Quezon City, witnessed by Assistant Government Corporate Counsel Judge Basilia Serrano-Angeles (leftmost). Land Bank of the Philippines (LANDBANK) has extended the majority of the P110-billion syndicated loan facility to state-owned Power Sector Assets and Liabilities Management (PSALM) Corporation in support of strengthening and enhancing the competitiveness of the country’s local power industry. LANDBANK committed to financing P60 billion of the total facility amount. The proceeds will be used by PSALM to augment its working capital requirements, refinance existing liabilities, and settle domestic contractual obligations. “LANDBANK has a long-standing history of supporting the National Government’s electrification initiatives, with our loan portfolio encompassing a wide range of energy-related projects. We will continue to support PSALM in addressing the energy needs of the country today and in the future,” said LANDBANK President and CEO Lynette V. Ortiz. PSALM President and CEO Dennis Edward A. Dela Serna, together with LANDBANK President and CEO Ortiz and Development Bank of the Philippines (DBP) President and CEO Michael O. de Jesus, led the ceremonial signing for the Php 110.0 billion syndicated term loan facility agreement on 30 July 2024 in Quezon City. Assistant Government Corporate Counsel Judge Basilia Serrano-Angeles witnessed the event. “We express our heartfelt gratitude to LANDBANK, DBP and OGCC for their continued support in attaining PSALM’s financial objectives. PSALM’s liability management program has presented significant challenges as we strive to fulfill our mandate of liquidating the financial obligations we have assumed. This syndicated loan provides additional financial support to PSALM, ensuring our continued progress and assist our asset management and privatization strategies,” said PSALM President and CEO Dela Serna. “With this loan, we are projecting a net reduction of PHP12.9 billion in our financial obligations for CY 2024,” he added. LANDBANK and DBP acted as the Joint Lead Arrangers for the syndicated deal, with the DBP - Trust Banking Group as the Facility and Paying Agent, and the Office of the Government Corporate Counsel (OGCC) as the Transaction Counsel. PSALM is a wholly-owned and controlled government entity mandated under the Electric Power Industry Reform Act (EPIRA) to take over the ownership of all existing generation assets of the National Power Corporation (NPC), independent power producer (IPP) contracts, real estate, and all other disposable assets, including the transmission business of the National Transmission Corporation (TransCo). The agency also manages the orderly sale and privatization of these assets with the objective of liquidating all of NPC's financial obligations in an optimal manner. LANDBANK has been a steadfast partner of PSALM since 2008, providing essential financing in support of its mandate under the EPIRA law. The Bank also continues to service the development requirements of the energy sector, including other industry players such as large oil companies, power producers, and distribution utilities. ABOUT LANDBANK LANDBANK is the largest development financial institution in the country promoting financial inclusion, digital transformation, and sustainable national development. Present in all 82 provinces in the county, the Bank is committed to provide accessible and responsive financial solutions to empower Filipinos from countryside to countrywide.
LEARN MORE
24/7 CUSTOMER SERVICE
