BALINGASAG, Misamis Oriental – The Land Bank of the Philippines (LANDBANK)
joined the inauguration of the new world-class Balingasag Public Market in Barangay
Waterfall, which is expected to be a center of commerce for the people of
Balingasag and its neighboring towns.
Balingasag Municipal Mayor Alexis S. Quina alongside LANDBANK Vice President
Jimmy P. Arco and Assistant Vice President Josephine B. Mercadal, led the
inauguration on 8 March 2023 to formally open the facility to residents and vendors.
LANDBANK financed the milestone infrastructure project with a P150 million loan in
2020. The building can accommodate 303 stalls, covering sections for fish, meat,
vegetable, fruit, dry goods, and grocery items, among others.
The new public market will also benefit more than 3,000 small farmers and fishers
from the municipalities of Balingasag, Jasaan, Lagonglong and Salay.
“We look forward to servicing more of Balingasag’s growth requirements to generate
economic opportunities and deliver essential public services. In partnership with
LGUs nationwide, LANDBANK will continue to support strategic initiatives to help
advance local communities,” said LANDBANK President and CEO Cecilia Cayosa
Borromeo.
Throughout the years, LANDBANK has been part of the growth story and progress of
the Municipality of Balingasag. It has financed various development projects of the
LGU, including the Balingasag People’s Palace in 2010 and the Balingasag Bus
Terminal in 2015.
During the inauguration, Mayor Quina shared his appreciation and gratitude for
LANDBANK's continuing trust and support for the local government, and touched on
plans to tap the Bank anew for the construction of Balingasag’s Municipal Gym.
LANDBANK provides convenient banking services to Balingasag residents, including
payroll services to local government employees.
Last December 28, 2022, the Bank inaugurated the LANDBANK Balingasag Branch,
complemented by an offsite ATM located at the People's Palace.
LANDBANK remains the biggest development partner of the LGU sector. As of end-
December 2022, the Bank has extended a total of P91.5 billion in outstanding loans
to LGUs nationwide, towards building resilient and progressive local communities.
