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LANDBANK rolls out LGU loan program
The Land Bank of the Philippines has launched a ₱10-billion emergency loan program called HEAL (Help via Emergency Loan Assistance for LGUs) to support local government units in their fight against COVID-19.
This program aims to assist provincial, city, and municipal governments in providing immediate health services, food, and basic commodities to their constituents during the crisis.
Both existing Landbank clients and non-clients are eligible to apply for the HEAL program.
The loans will have a fixed interest rate of five percent per annum and can be paid back within a maximum of five years, including a one-year grace period on principal payments.
The HEAL Program is in line with the 'Bayanihan to Heal as One' Act, which empowers the President to provide affordable credit to sectors affected by the national health emergency.
Landbank president and CEO Cecilia C. Borromeo emphasized the bank's commitment to supporting LGUs as partners in development and their recovery needs.
The funds are intended to help LGUs purchase goods and procure services necessary to support their constituents amidst the ongoing COVID-19 crisis.
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