The Land Bank of the Philippines (LANDBANK) has approved loans totaling P30.96
billion as of end-January 2022 to help cooperatives and local businesses recover
from the impact of the COVID-19 pandemic.
Through the I-RESCUE (Interim REhabilitation Support to Cushion Unfavorably
affected Enterprises by COVID-19) Lending Program, LANDBANK has supported a
total of 687 borrowers, composed of 462 micro, small and medium enterprises
(MSMEs), 115 cooperatives, 105 large enterprises, and five (5) microfinance
institutions (MFIs).
“LANDBANK recognizes the crucial role of local businesses to ramp-up the country’s
ongoing economic recovery. We will continue to provide timely and accessible credit
assistance to serve their financial requirements amid the pandemic and beyond,”
said LANDBANK President and CEO Cecilia C. Borromeo.
Launched in April 2020 at the height of quarantine restrictions to stem the rising
COVID-19 infections, the I-RESCUE Lending Program aims to provide credit and loan
restructuring assistance to businesses adversely affected by the pandemic, under
more flexible terms and conditions.
Under the Program, eligible borrowers may loan up to 85% of their emergency or
permanent working capital requirements, with an affordable interest rate of 5% per
annum for three (3) years, subject to annual re-pricing thereafter, and payable up to
10 years with a maximum of two (2) years grace period on the principal repayment.
The Program also offers a sub-credit facility for MSMEs and cooperatives, as well as
self-employed individuals duly registered with the Department of Trade and Industry
(DTI) and the Securities and Exchange Commission (SEC), classified to be critically
affected by the pandemic.
The LANDBANK I-RESCUE Lending Program is available until December 31, 2022.
Interested borrowers may contact the nearest 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.
