Three years into the COVID-19 outbreak: LANDBANK okays P41.3-B pandemic aid for MSEs, co-ops

Three years since the country was placed under a state of calamity due to the
COVID-19 pandemic, the Land Bank of the Philippines (LANDBANK) has approved
loans totaling P41.3 billion as of 31 January 2023 to fast-track the recovery of local
businesses and cooperatives.

Through the I-RESCUE (Interim REhabilitation Support to Cushion Unfavorably
affected Enterprises by COVID-19) Lending Program, LANDBANK has assisted a
total of 825 borrowers nationwide, composed of 549 micro and small enterprises
(MSEs), 134 cooperatives, 7 microfinance institutions, and 135 large enterprises.

“LANDBANK remains committed to support the resurgence of pandemic-hit
businesses and cooperatives. We will continue to serve their financial requirements
to further advance the country’s ongoing economic recovery,” said LANDBANK
President and CEO Cecilia Cayosa Borromeo.

LANDBANK first launched the I-RESCUE Lending Program at the onset of the
pandemic, designed to provide borrowers timely financial aid at concessional terms,
which include a longer repayment period, moratorium on principal and interest
payments and lower interest rates.

Under the Program, eligible borrowers may loan up to 85% of their emergency or
permanent working capital requirements, with an interest rate of 7% fixed for one
year and subject to annual repricing thereafter.

LANDBANK has extended the I-RESCUE Lending Program until December 2023 to
accommodate more potential borrowers.

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.

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