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LAND BANK of the Philippines (LANDBANK) has launched a 50 billion peso loan program for companies and businesses affected by economic disruptions, including natural calamities and geopolitical conflicts.
The bank’s lending program named LANDBANK National Assistance Towards Initiating Opportunities to Entities Amidst Social and Economic Reverses which Visibly Entails Shockwaves to Businesses or LANDBANK NATION SERVES aims to strengthen businesses by providing additional capital to enable them to expand their operations or to build up stocks in the midst of an economic and geopolitical crisis. , the lender said in a statement on Sunday.
It also aims to minimize the impact of economic disruptions, including those caused by the war in Ukraine, civil wars and other geopolitical conflicts.
“LANDBANK aims to build the resilience of key development industries by cushioning the negative impact of economic disruptions,” said LANDBANK President and CEO Cecilia C. Borromeo. “Through the NATION SERVES loan program, we will also help prevent commodity price spikes while continuing to serve the nation.”
The public bank said the loan program is a “proactive measure” to help key industries, including energy and renewable energy providers, manufacturing of metals, drugs, electronics, weapons , shipbuilders, agri-food companies, aeronautical equipment, among others.
“Under the program, customers can lend up to 85% of actual need with an interest rate based on the Bloomberg valuation benchmark rate applicable at the time the loan is made, plus a spread no greater than not 75% of the prescribed spread depending on the borrower. credit rating,” LANDBANK said.
The public bank’s net profit in the first three months of the year soared 141% year-on-year to 13.2 billion pesos from 5.48 billion pesos, due to a one-time gain at following its merger with United Coconut Planters Bank, as well as higher interest income on loans and investments. — T. J. Tomas
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