Land Bank of the Philippines (Landbank) said on Monday that businesses and consumers can avail of its “enhanced” loan programs for emergencies like natural disasters, as Tropical Storm “Enteng” (international name: Yagi) and intensified monsoon rains drenched Luzon.
In a statement, the state-run lender said its improved Landbank CARES+ program may help farmers, fishers, cooperatives, micro, small and medium enterprises (MSMEs), corporations, and electric distribution utilities access loans to finance their recovery and restore regular business operations.
Landbank said eligible borrowers may use the funds for capital expenditures and for construction, repair or acquisition of disaster-damaged equipment, facilities and structures.
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Distribution utilities can also use the loan as short-term working capital for the incremental increase in generation and distribution expenses.
Employees of government agencies and companies with Landbank payrolls can also avail of the Electronic Salary Loan (eSL) if they need quick access to funds.
Eligible borrowers can apply for the eSL online via the Landbank website, iAccess, or the mobile banking app. Loan proceeds will be directly credited to their accounts.
Existing eSL borrowers who have maintained good payment standing for at least three months can also quickly renew their loans.
Helping rehabilitation efforts
“We have expanded our accessible financial support interventions to help build resilience and expedite response and rehabilitation efforts,” said Landbank president and CEO Lynette Ortiz.
The bank added it would soon introduce a new “EasyCash for Emergencies” feature for credit cardholders. This offering allows clients to convert their available credit limits into emergency cash with repayment options of up to 36 months.
Eligible cardholders will receive an SMS and email from Landbank confirming their eligibility for the credit limit conversion. The funds will be credited to their deposit accounts. Customers may also call customer care to request for cash conversion. INQ