LandBank extends P15M cash assistance to LGUs affected by typhoon Lawin
Land Bank of the Philippines has extended P15 million in cash assistance to local government units in North and Central Luzon affected by typhoon Lawin.
LandBank embarks on relief operations and extends financial assistance to affected communities. Its Calamity Rehabilitation Support program helps victims recover from destruction brought about by natural calamities.
Under the program, existing and new clients may avail of rehabilitation credit programs for the acquisition or repair of new facilities or equipment, additional working capital or for livelihood financing.
Existing customers may also avail of loan restructuring wherein short term loans may be extended up to a maximum of three years, inclusive of a one-year grace period on principal payments.
Tenors of term loans, meanwhile, can be extended for an additional three years over the remaining term of the loan at the time of the calamity with a maximum grace period of three years on principal payments.
“This is part of LANDBANK’s commitment to be there not only for our clients but most importantly to our fellow Filipinos, especially in times of calamities,” LandBank branch banking sector head and senior vice president Liduvino Geron said in a statement.
The province of Isabela, which was declared a state of calamity, received P2.2 million. The province of Cagayan, which is said to have suffered the biggest damage from typhoon Lawin, received P3.125 million.
LANDBANK allocated P4.025 million for the Cordillera Administrative Region; P3.725 million for Ilocos; P6.25 million for Cagayan Valley; and P1 million for Central Luzon. The cash assistance for other provinces was divided among the affected towns and cities based on the reports submitted by the regional Office of the Civil Defense.