ALLEN, Samar – The Land Bank of the Philippines (LANDBANK) signed a P160-million
loan agreement with the local government of this municipality, in line with
continuing efforts to support countryside development.
The funding will be used to fast-track the town’s various development projects,
which include the construction of an improved water system and public market,
aimed at delivering essential public services while helping to reduce environmental
degradation.
“LANDBANK carries on its commitment of servicing the requirements of our LGU
partners in support of their local development agenda. With these projects of Allen
LGU, their constituents will be benefitted with basic but essential services including
an improved water system and a public market,” said LANDBANK President and CEO
Lynette V. Ortiz.
The LANDBANK loan was officially inked by Allen Mayor Jose Arturo D. Suan and
LANDBANK Samar Lending Center Department Manager Virgilio D. Cabacang,
alongside Account Officer Ricardo P. Palacio III on 9 May 2023.
“I appreciate LANDBANK’s continued support to the development of our municipality.
Our people are ecstatic to witness the growth that these projects will bring to Allen,”
said Mayor Suan.
Bulk of the loan amounting to P75 million will fund the construction of a water
system level 3, which will provide safe drinking water to at least 1,603 households
and mitigate infection from water borne diseases.
To drive the local economy, P40 million will be used for the construction of the
public market extension and development of Rizal Street as hubs for local businesses
and vendors to promote local food and generate employment opportunities.
A total of P20 million will be allotted to construct a 400-meter drainage system to
mitigate constant flooding in barangays Kinabranan 1 and 2, and Sabang 1 and 2.
The loan will also help finance the development of the public cemetery worth P10
million, that will address current over-crowding in the municipality’s existing
cemetery.
Lastly, the local government of Allen allotted P15 million for lot acquisition for a new
local university campus that will offer more college courses and increase the number
of students it can accommodate.
LANDBANK has backed the development of the Municipality of Allen since 2006,
financing projects such as the construction of a transport terminal and water system
facility.
The Bank has maintained its dominance as the biggest development partner of the
LGU sector towards local development, with all 1,717 LGUs nationwide maintaining
deposit accounts with the state-run Bank. As of 31 March 2023, LANDBANK’s
outstanding loans to LGUs nationwide have reached P94.5 billion.
