(Top row, L-R) Philippine President Rodrigo Roa Duterte and House Speaker Lord Allan Jay Q. Velasco extend their congratulations during the virtual launch of the LANDBANK Mastercard Prepaid Card for the Tertiary Education Subsidy (TES) Program on January 15, 2021, led by (Bottom row, L-R) LANDBANK President and CEO Cecilia C. Borromeo, CHED and UniFAST Governing Board Chairman J. Prospero de Vera III, and UniFAST Executive Director Atty. Ryan L. Estevez.
In partnership with the Commission on Higher Education (CHED) and the Unified Student Financial Assistance System for Tertiary Education (UniFAST), state-run Land Bank of the Philippines (LANDBANK) launched the LANDBANK Mastercard Prepaid Card (LMPC) for the Tertiary Education Subsidy (TES) Program on January 15, 2021.
The LMPC is a general-purpose reloadable card for TES beneficiaries that functions as an electronic wallet and can be used as a debit or ATM card.
Philippine President Rodrigo Roa Duterte and House Speaker Lord Allan Jay Q. Velasco extended their congratulations through recorded video messages during the launch.
“The virtual holding of this ceremony is an affirmation of this administration’s unyielding commitment to make quality tertiary education more accessible for Filipino students, especially now that we are dealing with the COVID-19 pandemic,” President Duterte said.
The virtual launch via Facebook Live was led by LANDBANK President and CEO Cecilia C. Borromeo, CHED and UNiFAST Governing Board Chairman J. Prospero de Vera III, and UniFAST Executive Director Atty. Ryan L. Estevez.
President Borromeo announced that TES beneficiaries may withdraw their stipend using their LMPC through LANDBANK’s 2,320 ATMs and 411 branches nationwide.
“We welcome this opportunity to provide efficient and secure banking services to student-beneficiaries. As your partner bank, we will ensure that the students will receive their monthly stipends in a timely, safe, and convenient manner,” President Borromeo said.
Aside from accessibility and convenience, the LMPC also offers cashless payments, electronic funds transfers, and online account management, among others, as part of LANDBANK’s response to the growing demand of safer and digital financial solutions.
Moreover, TES beneficiaries will also benefit from the other features of the LMPC such as 3DSecurity for secure online transactions, contactless “tap” payments, and reloading of funds at any LANDBANK branches or Agent Banking Partners across the country.
“The LANDBANK Mastercard Prepaid Card that we are launching today will help ease the burden of our TES beneficiaries in receiving their TES amidst the restrictions of COVID-19,” said CHED Chairman De Vera.
Also present during the virtual launch were Coordinating Council of Private Educational Associations Managing Director Atty. Joseph Noel M. Estrada, Association of Local Colleges and Universities UniFAST Commission Chairperson Dr. Elena E. Presnedi, and Philippine Association of State Universities and Colleges President Dr. Tirso A. Ronquillo.
The TES Program is a joint venture among CHED, UniFAST, and LANDBANK that aims to prioritize support to more than 400,000 students from the poorest of the poor households. It also forms part of the implementation of Republic Act 10931 or the Universal Access to Quality Tertiary Education Act.
Virginia Farms grows pork production thru LANDBANK
Virginia Farms Inc. in Cebu has significantly expanded its swine business operations in the last eight years backed by various loans provided by the Land Bank of the Philippines (LANDBANK). The 52-year-old company currently operates a 360-hectare farm and a pork retail chain with 51 outlets. MANDAUE CITY, Cebu – From a humble backyard venture that started in 1968, Cebu-based Virginia Farms Inc. (VFI) is now regarded as the oldest and largest integrated farm-to-pork business in Central Visayas. With its 360-hectare farm in the town of Asturias and a pork retail chain with 51 outlets, VFI has been helping address the meat requirements in Luzon since last year as pork growers there have been largely affected by the African Swine Fever (ASF) outbreak. The company was able to ship a total of 10,760 hogs last year and continues to ship frozen carcasses weekly to the region. The growth of VFI, specifically in the last eight (8) years, has been supported by the Land Bank of the Philippines (LANDBANK) through its Cebu North Lending Center, which financed the expansion of the company’s business operations and the construction of modern facilities. VFI President Rolando E. Tambago is optimistic that recent investments will allow the company to continue supplying Luzon with ASF-free pork. “With the current situation of the pork industry, there’s a good opportunity for us here in the Visayas to expand and meet the gap of pork supply in other areas. I hope that LANDBANK will continue to support us in our plans to expand and grow our business further, as we envision to be a major supplier of quality pork in the Philippines,” said Mr. Tambago. In 2013, VFI first availed of a term loan from LANDBANK to finance the construction of piggery buildings in its site in Asturias. The loan was also used to purchase refrigeration equipment for its pork retail chain, The Pork Shop. As the company decided to expand its piggery operations, it availed of another term loan from the Bank in 2014 to develop additional piggery houses and acquire boars and gilts to improve its genetic stock. With its growing operations expanding rapidly and retail branches opening one after another, VFI once again turned to LANDBANK in 2015 and in 2018 to finance the development of meat cutting and slaughterhouse facilities. Established in 2016, the meat cutting facility can process up to 1,000 hogs daily. Meanwhile, the modern slaughterhouse, which was inaugurated in 2019, can accommodate up to 1,000 heads per day at a processing rate of 100 heads per hour. VFI also availed of a short term loan from LANDBANK in 2020 as a working capital for the expansion of The Pork Shop. Since its inception in 2008, this retail business has grown significantly, with outlets now spread across Cebu, Iloilo, and Biliran. "LANDBANK remains steadfast in supporting the agriculture sector, including the recovery of our local swine industry. We will continue to extend credit assistance to hog raisers as we contribute to ensuring food security in the country," said LANDBANK President and CEO Cecilia C. Borromeo. As of end-2020, LANDBANK has extended a total of P237.62 billion in outstanding loans to the agriculture sector, with P142.75 billion representing loans to small, medium, and large agribusiness enterprises. In terms of economic activity, P37.48 billion out of the Bank’s total agriculture loan portfolio financed livestock projects, which includes P16.86 billion for the piggery industry. 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).LEARN MORE
LANDBANK student loan covers gadget purchase for distance learning
State-run Land Bank of the Philippines (LANDBANK) has expanded the coverage of its direct loan program for students to cover the purchase of electronic gadgets needed for online learning. Under the enhanced I-STUDY (Interim Students’ Loan for Tuitions towards Upliftment of Education for the Development of the Youth) Lending Program, LANDBANK is now offering a loan of up to P50,000 per student to finance the purchase of learning gadgets such as laptop, desktop or tablet, that can be included in the maximum loanable amount of P150,000 per student or P300,000 per parent-borrower to cover payment for tuition or enrolment-related fees. Furthermore, students of legal age are now eligible to apply for the LANDBANK I-STUDY Program if they meet eligibility requirements. When the loan program was initially launched last year, only parents and guardians or benefactors of students could apply for the financial assistance. “LANDBANK recognizes the need to support students in adapting to distance learning modalities. While we await the resumption of in-person classes, we hope that the I-STUDY Program can help students cover the financial requirements to purchase needed learning equipment and participate in online classes,” said LANDBANK President and CEO Cecilia C. Borromeo. The LANDBANK move to expand the I-STUDY credit facility comes at the heels of recent government pronouncements for the continued implementation of distance learning as a measure against the spread of COVID-19. The enhancement of the I-STUDY Program also includes the increase in maximum age eligibility of students from 30 years old to 50 years old; inclusion of scholar students whose scholarships do not fully cover their tuition fees; and the coverage of non-scholar students from private pre-school, primary and secondary schools. Meanwhile, LANDBANK has approved as of February 16, 2021 loans amounting to P531.5 million to 16 educational institutions through the ACADEME (ACcess to Academic Development to Empower the Masses towards Endless Opportunities) Lending Program. The Program aims to boost the capacity of private academic institutions to implement a ‘study now, pay later’ scheme for its students. The ACADEME Lending Program forms part of the Bank’s support to the education sector which offers credit to private and non-DepEd high schools, private Technical-Vocational and Education Training (TVET) institutions, and private Higher Education Institutions (HEls) such as colleges and universities to provide continuing education to their students. The program offers the ‘3-3-3’ feature, 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. For more details about the features and application requirements of the I-STUDY and ACADEME lending programs, contact the LANDBANK Programs Management Department II at (02) 8405-7198. For more information about LANDBANK’s other loan products, clients may visit the Bank’s official website (www.landbank.com), or follow the Bank’s official social media channels at @landbankofficial on Facebook and Instagram, @LBP_Official on Twitter, and @LANDBANK on Viber.LEARN MORE
LANDBANK lends P6.95B to MSMEs, co-ops for COVID-19 relief
The Land Bank of the Philippines (LANDBANK) has approved loans totaling P6.95 billion for 227 borrowers composed mostly of micro, small and medium enterprises (MSMEs) and cooperatives that are affected by the impact of the COVID-19 pandemic. Under the I-RESCUE (Interim REhabilitation Support to Cushion Unfavorably affected Enterprises by Covid-19) Lending Program, LANDBANK has released P5.28 billion of the total P6.95 billion for the benefit of 208 borrowers, composed of 167 MSMEs, 34 cooperatives, four (4) microfinance institutions (MFIs), and three (3) large corporations as of end-January 2021. Launched in April 2020 at the height of strict quarantine lockdowns, the I-RESCUE Lending Program was designed in support of Republic Act 11494 or the “Bayanihan to Recover as One Act (Bayanihan 2)” to provide credit and loan restructuring under more flexible terms and conditions to MSMEs, MFIs, and cooperatives. LANDBANK recently expanded the coverage of the Program to allow more borrowers affected by the pandemic to avail of credit and loan restructuring assistance. The I-RESCUE Lending Program now allows micro enterprises and large corporations to borrow a maximum of 85% of their emergency or permanent working capital requirement. Terms are set at an affordable interest rate of 5% per annum for three (3) years, subject to annual re-pricing thereafter, and payable up to 10 years with a maximum of two (2) years grace period on the principal repayment. Moreover, LANDBANK is currently working on expanding the I-RESCUE Program further to offer a new sub-credit facility for MSMEs, cooperatives, and self-employed individuals severely affected by the health crisis. Qualified borrowers may soon be able to borrow a minimum amount of P100,000 or up to 85% of their actual permanent working capital requirement, at a lower fixed interest rate of 3% per annum only, payable up to three (3) years. “We are enhancing the I-RESCUE Lending Program to cover a wider range of key industries that need greater access to credit. LANDBANK is keeping in step with emerging requirements under the new normal in support of the country’s ongoing economic recovery,” said LANDBANK President and CEO Cecilia C. Borromeo. Existing LANDBANK clients may also avail of loan restructuring via additional loan and extended repayment period or combination of means to rehabilitate and restore operational cash flow. The LANDBANK I-RESCUE Lending Program is available until December 31, 2022. 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, Instagram and YouTube accounts (@landbankofficial), Twitter (@LBP_Official), and join our Viber community (@LANDBANK), or visit the LANDBANK website (www.landbank.com).LEARN MORE