2 weeks Ago
The state-run Land Bank of the Philippines on Sunday announced the offering of financial assistance through the form of loans to businesses and individuals affected by Severe Tropical Storm Kristine (international name: Trami). In an advisory, LandBank said its Community Assistance and Reintegration Support Plus (CARES Plus) will be available to farmers, fishers, cooperatives, micro, small, and medium enterprises (MSMEs), large corporations, and electric distribution utilities. Under the program, eligible borrowers can use the funds for working capital, capital expenditures, and the construction, repair or acquisition of disaster-damaged equipment, facilities and structures.
Electric distribution utilities can also use the loan as short-term working capital. Government employees and payroll holders with LandBank will be given quick access to funds through the Electronic Salary Loan (ESL), which may be available through contacting the human resource department or through LandBank branches. LandBank credit card holders will also be allowed to convert their available credit limits into emergency cash with flexible repayment options of up to 36 months through the “EasyCash for Emergencies” feature.
“LandBank stands ready to provide accessible, responsive, and immediate financial assistance to sectors severely impacted by the typhoon,” LandBank president and chief executive officer Lynette Ortiz said. “We are fully committed to doing our part in helping our kababayans and communities recover from this adversity while accelerating recovery efforts,” she added. LandBank is mandated to promote countryside development while remaining financially viable.
It implements the comprehensive agrarian reform program (CARP), provides assistance to small farmers and fisherfolk, and serves as an official depository of government funds. The bank ended 2023 as the country’s second-largest lender with P3.270-trillion worth of assets, following BDO Unibank Inc.
with P4.283 trillion. The National Disaster Risk Reduction and Management Council (NDRRMC) said there were 158 areas that have so far declared a state of calamity in the aftermath of Kristine, with the latest report by the Office of Civil Defense (OCD) indicating 85 deaths .
—Jon Viktor Cabuenas/RF, GMA Integrated News.
