THE Land Bank of the Philippines
(LANDBANK) is offering a new lending program to help Small and Medium Enterprises
(SMEs), Microfinance Institutions (MFIs) and cooperatives recover from the
adverse effects brought about by the coronavirus disease (COVID-19) pandemic.
Through the I-RESCUE (Interim REhabilitation Support to Cushion
Unfavorably-affected Enterprises by Covid 19) Lending Program, LANDBANK is
providing assistance through credit and loan restructuring under more flexible
terms and conditions.
Interested SMEs, MFIs and Cooperatives may borrow up to 85 percent of their
actual need for working capital, at an affordable interest rate of five percent
per annum, payable up to a maximum of five years, with grace period on the
principal payment.
I-RESCUE likewise offers restructuring
of existing loan account via additional loan, extended repayment period, or through
other means (or combination of means). The loan may be extended up to a maximum
of 10 years, with up to three years grace period on principal and up to one year
grace period on interest, depending on cash flow.
âLANDBANK stands ready to respond to the financial needs of enterprises hardly
hit by the COVID-19 pandemic for rehabilitation support. We hope that the
I-RESCUE Lending Program will help restore economic and social activities in
our country, especially in the countryside,â LANDBANK president and CEO Cecilia
Borromeo said.
The LANDBANK I-RESCUE Lending Program is in support of Republic Act No. 11469
or the âBayanihan to Heal as One Act,â which ensures the provision of timely
and affordable credit to sectors affected by COVID-19, including small farmers
and fishers.
Interested borrowers may contact the nearest open LANDBANK Lending Center or
Branch nationwide, or call LANDBANKâs customer service hotline at (02)
8-405-7000 or at PLDT Domestic Toll Free 1-800-10-405-7000./PN
