Land Bank of the Philippines said Tuesday it extended financial support to the ACDI Multipurpose Cooperative (MPC) to boost the co-op’s working capital catering to uniformed personnel.
The state-run bank granted ACDI MPC rediscounting lines to provide affordable credit for its more than 269,000 members, including active and retired members of the Armed Forces of the Philippines (AFP) and other uniformed personnel.
The ACDI MPC is the largest cooperative in the country in terms of assets. LandBank’s support will help the co-op offer more loan packages at friendly rates to help members buy their dream home and vehicle, establish a business or send their kids to school.
“Since 1996, we are proud to have supported ACDI MPC’s growth and expansion into one of the largest cooperatives in the country. We will remain committed to strengthening the co-op’s working capital to boost its lending activities for our uniformed personnel, and support expansion plans in their other business lines,” said LandBank president and chief executive Lynette Ortiz.
Ortiz and ACDI MPC chairman Gilbert Llanto led the signing of the loan agreement on April 8, 2024 at the LandBank Plaza in Malate, Manila.
“Today, the confidence that LandBank has put on us will reflect on the way our people will also operate. Being the leading financial institution of the government, I think it’s a good affirmation of how far ACDI has gone also,” said Llanto.
LandBank said it is also supporting ACDI MPC’s digitalization journey for enhanced operations and services through the bank’s suite of digital banking solutions.
The co-op is using the LandBank weAccess for select banking transactions and the e-Tax Payment System (eTPS) for paying taxes online.