The Land Bank of the Philippines (LANDBANK) launched a new lending program to help
fast-track the recovery of countryside financial institutions (CFIs) adversely affected by the
onslaught of typhoon Odette last December 2021.
Through the Countryside Financial Institutions – REhabilitation and Support to Typhoon
Odette-Affected AREas or CFI-RESTORE Lending Program, LANDBANK will finance
permanent working capital and capital expenditures, including the repair and rehabilitation
of buildings and facilities, and the repair or purchase of equipment damaged by the
typhoon.
The CFI-RESTORE Lending Program can also be used to supplement the funds of CFIs for
relending to sub-borrowers affected by the typhoon.
“In the face of unprecedented financial challenges brought about by calamities, LANDBANK
stands ready to assist CFIs to sustain their operations. This is part of our commitment to
advance local recovery and help build more resilient communities nationwide,” said
LANDBANK President and CEO Cecilia C. Borromeo.
Under the CFI-RESTORE Lending Program, LANDBANK will assist affected CFIs in six (6)
regions previously declared by the National Government under a state of calamity due to
typhoon Odette. These include MIMAROPA (Region IV-B), Western Visayas (Region VI),
Central Visayas (Region VII), Eastern Visayas (Region VIII), Northern Mindanao (Region X),
and CARAGA (Region XIII).
Eligible Program borrowers include rural, thrift and cooperative banks which may borrow up
to 85% of the actual need for permanent working capital and capital expenditure, and up
to 90% for the CFIs’ sub-borrowers’ agricultural loans and 85% for non-agricultural loans.
An interest rate of 4% per year shall apply, fixed for the first three (3) years and subject to
repricing thereafter, and payable up to three (3) years for working capital, ten (10) years
for capital expenditure, and ten (10) years for term loan rediscounting.
CFIs with existing loans with LANDBANK may also avail of loan restructuring under the
Program to rehabilitate and restore their operational cash flow, via extended repayment
period.
The LANDBANK CFI-RESTORE Lending Program will also cater to CFIs in areas placed
under a state of calamity by their respective local government units.
Interested borrowers may contact the nearest open LANDBANK Lending Center or Branch
nationwide, or call LANDBANK’s customer service hotline at (02) 8-405-7000 or at PLDT
Domestic Toll Free 1-800-10-405-7000.
