Landbank, DBP ramp up lending as merger looms

PHOTO: Landbank Official, INQUIRER FILES

MANILA  -State-owned Land Bank of the Philippines (Landbank) and Development Bank of the Philippines (DBP) are separately stepping up their lending activities ahead of a potential merger.

Landbank has approved P113 billion in loans to local government units (LGUs) as of February, out of the P150-billion lending program for local development initiatives through the RISE UP LGUs (Restoration and Invigoration package for a Self-sufficient Economy towards UPgrowth for LGUs).

This lending program is meant to help ensure the resilient and sustainable recovery of local economies from the pandemic through financing for LGUs’ development projects.

The most recent is a P67-million loan to finance the digital infrastructure project of Quirino province, aimed at providing free Wi-Fi connectivity in schools and other public areas.

“We aim to help develop resilient communities as part of our expanded mandate of serving the nation,” Landbank president and chief executive Cecilia Borromeo said in a statement.

Meanwhile, DBP committed to support about P7 billion worth of projects to be carried out by the Philippine subsidiary of Thai multinational Charoen Pokphand (CP) Foods.https://newsinfo.inquirer.net/1754064/bill-on-landbank-dbp-merger-out-but-no-word-on-retrenchment

DBP president and chief executive Michael de Jesus said, “This new tie-up further strengthens our longstanding partnership with CP Foods and cements our continuing commitment to help ensure food security and productivity in the country.”

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