Land Bank of the Philippines (LANDBANK) has extended a P10-billion rediscounting
line to support the Philippine Army Finance Center Producers Integrated Cooperative
(PAFCPIC) and its members serving in the Armed Forces of the Philippines (AFP).
The state-run Bank expanded the Cooperative’s previous P8 billion credit line to P10
billion to sufficiently augment working capital and enable PAFCPIC to better serve
the financial requirements of its more than 190,000 members.
PAFCPIC’s membership consists of active and retired military and civilian personnel
from the Philippine Army, Philippine Navy, and Philippine Air Force, as well as their
immediate dependents.
The ceremonial loan signing event was led by LANDBANK President and CEO Lynette
V. Ortiz and PAFCPIC Chairman BGen. Francisco M. Paredes (Ret), alongside LANDBANK and PAFCPIC sign a P10-billion loan line to support the financial needs of AFP personnel and their families.
Leading the ceremony are LANDBANK President and CEO Lynette V. Ortiz (2nd from right), PAFCPIC Chairman BGen. Francisco M. Paredes (Ret) (3 rd from right), LANDBANK Executive Vice President Ma. Celeste A. Burgos (rightmost), and PAFCPIC President BGen. Fernando S. Zabat (Ret) (leftmost).
LANDBANK Executive Vice President Ma. Celeste Burgos and PAFCPIC President
BGen. Fernando S. Zabat (Ret) on 29 May 2024 at the LANDBANK Plaza in Manila.
Also present as witnesses were LANDBANK Senior Vice President Lucila E. Tesorero
and Vice President Leonardo D. Aurellana Jr., with PAFCPIC Vice President MGen.
Rolando V. Picar (Ret) and Executive Vice President BGen. Anastacio C. Cabading.
“By boosting your financial resources and upgrading your operational efficiency
through our digital solutions, we look to further improve your service delivery to
your members and the entire armed forces community,” said LANDBANK President
and CEO Ortiz.
Apart from the financial assistance, LANDBANK likewise pledged to support
PAFCPIC’s digitalization efforts by onboarding the Cooperative to the Bank’s web-
based payment platform, Link.BizPortal, which will streamline the collection of
payments for its members’ capital contributions, deposits, and loans, thereby
enhancing their operational efficiency.
“This milestone is a manifestation of almost three decades of business collaboration
between PAFCPIC and LANDBANK, nurtured and nourished with trust and
confidence. We are grateful for LANDBANK’s unwavering support, which has been
instrumental in enabling us to better serve our members and their families,” said
PAFCPIC Chairman Paredes.
LANDBANK conferred PAFCPIC with the Distinguished Initiators and Movers of
National Development (DIAMOND) Award last year, for the co-op’s contributions to
promoting countryside and national development. The LANDBANK DIAMOND Award
honors exceptional Bank clients, fund management and digital banking partners that
have made positive change in the communities they serve.
LANDBANK remains committed to providing robust financial solutions to cooperatives
and its members nationwide towards promoting countryside to countrywide
development.
ABOUT LANDBANK
LANDBANK is the largest development financial institution in the country promoting
financial inclusion, digital transformation and sustainable development to benefit
Filipinos. As the only Bank present in all 82 provinces in the country, it is committed
to providing accessible and affordable financial support to key players and industries
as part of its broader thrust of serving the nation.
