Landbank launches I-RESCUE program for virus-hit firms

The Land Bank of the Philippines (Landbank) launched the I-RESCUE program to provide financial assistance to small and medium enterprises, microfinance institutions, and cooperatives affected by the coronavirus pandemic.

Under this program, eligible businesses can borrow up to 85% of their working capital needs at an interest rate of 5% per annum, payable over a maximum period of five years with grace periods on principal payments.

The loan restructuring option allows for additional loans or extended repayment periods based on the borrower's cash flow situation, with terms extendable up to ten years and grace periods of up to three years on principal and one year on interest.