LANDBANK extends loan restructuring, rehab loans to typhoon-affected farmers
Following the recent onslaught of Typhoon Ompong in several regions across Northern and Central Luzon, LANDBANK said it is extending loan restructuring and rehabilitation loans to individual farmers and farmers’ cooperatives to help them get back on their feet.
Right now, the bank is continually assessing the extent of damage suffered from the typhoon in order to address clients’ financing needs and provide appropriate assistance.
Initial estimates among affected LANDBANK clients showed that loans for restructuring could reach P300 million.
“We understand how difficult it is to rebuild and recover after a calamity, which is why LANDBANK extends loan restructuring and rehabilitation loans to assist our fellow Filipinos, especially farmers, in getting back on their feet,” said LANDBANK president and chief executive officer Alex V. Buenaventura.
To further ensure timely assistance to small farmers whose crops and livelihood were destroyed by the calamity, LANDBANK is also piloting its Accessible and Sustainable Lending (ASL) Program for Small Farmers in Isabela, Nueva Vizcaya, and Ilocos Provinces.
The ASL Farmers Program is a new loan program that seeks to help small farmers increase their productivity and income by making credit accessible at a low interest rate of 6 percent per annum.