LANDBANK approves P1B loan facility for Santiago City

Monday, November 5, 2018

Santiago City Mayor Joseph Tan and LANDBANK Senior Vice President for Northern and Central Luzon Group Filipina Monje seal the P1-billion Omnibus Term Loan agreement which will help finance the City Government’s local development projects. They are joined by City Consultant Victorino Santos, City Councilor Benzi Tan Chai, City Treasurer Elizabeth Casabar, City Legal Officer Atty. Dennis Ernesto Ruiz, LANDBANK Vice President Bernardo Bayangos and Account Officer Charito Barit.

The Land Bank of the Philippines recently approved a P1-billion Omnibus Term Loan Facility for the City Government of Santiago, Isabela.

The loan facility will help finance the City Government’s development projects, including hospitals, a convention center, sports complex, and theme park. These projects aim to generate local employment, improve social services, and support the livelihood and economic activities of the City.

LANDBANK remains the biggest provider of development financing to local government units across the country. As of August 2018, LANDBANK’s outstanding loans for the development projects of LGUs reached P46.8 billion, benefiting 667 barangays, municipalities, cities, and provinces across the country. These helped finance public markets, schools, hospitals, farm-to-market roads, access roads and bridges, municipal halls, sanitary landfills, among other development projects.