The Land Bank of the Philippines (LANDBANK) received the Merit Award for Outstanding Development Project for Local Economic Development from the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP), citing the state-run Bank’s efforts to support local communities to recover from the effects of the COVID-19 pandemic.
The award for LANDBANK’s RISE UP LGUs Lending Program (Restoration and Invigoration Package for a Self-sufficient Economy towards UPgrowth for LGUs) was given at the Sustainable Development Awards 2021, held during the 44th ADFIAP Annual Meeting on October 27-28, 2021.
Launched in July 2020, the RISE UP LGUs Lending Program—with a P150-billion program fund allocation—aims to provide affordable and accessible financing to Local Government Units (LGUs) to stimulate economic activities and generate more livelihood opportunities. As of September 2021, LANDBANK has approved loans amounting to P90.95 billion for 330 LGUs nationwide.
“This recognition adds spring to our step, as the path towards a better normal is still riddled with obstacles and difficulties. But together—with a determined and hopeful resolve—we can do our part to contribute to the unified goal of overcoming this pandemic,” said LANDBANK President and CEO Cecilia C. Borromeo during the 44th ADFIAP Annual Meeting on 28 October 2021.
LANDBANK launched the RISE UP LGUs Lending Program in partnership with the Union of Local Authorities of the Philippines (ULAP), the umbrella organization of all leagues of LGUs and locally elected government officials in the country.
For the first nine months of the year, LANDBANK has also released a total of P60.35 billion in loans to support various LGU projects, which include agriculture and aquaculture initiatives, infrastructure, healthcare, and transportation, among others.
LANDBANK remains committed to supporting local government partners towards building resilient and inclusive local communities as part of its mandate of serving the nation. /PN
