Land Bank of the Philippines lent P49.5 billion to small businesses as of June 2023, enabling them to recover from the impact of the COVID-19 pandemic.
LandBank president and chief executive Lynette Ortiz said in a statement Thursday the amount benefited more than 6,100 borrowers that mainly supported their business expansion and acquisition of fixed assets.
“LandBank recognizes the crucial role of MSMEs in advancing economic development and job generation,” Ortiz said.
“We will continue to work with various government partners to grow our loan portfolio for the sector and open more opportunities for our local entrepreneurs,” she said.
The bank said that on top of its regular loan facilities, it has been offering special lending programs dedicated to the needs of MSMEs and aspiring entrepreneurs.
Under the I-RESCUE (Interim REhabilitation Support to Cushion Unfavorably affected Enterprises by COVID-19) Lending Program, the bank provides credit and loan restructuring assistance to MSMEs severely affected by the pandemic under more flexible terms and conditions.
LandBank launched the program at the onset of the pandemic in 2020 and raised to P60 billion the available loanable fund to accommodate more borrowers. The program is available until the end of 2023.