State-run Land Bank of the Philippines said over the weekend it approved more than P100 billion in loans for 365 local government units nationwide as of end-January 2022, in line with its commitment to hasten the revival of local economies and communities affected by the pandemic.
Under its RISE-UP LGUs (Restoration and Invigoration package for a Self-Sufficient Economy towards UPgrowth for LGUs) Lending Program, the bank extends loans to provincial, city, and municipal governments to finance COVID-19 response and recovery intervention projects.
Eligible projects allowed under the RISE UP LGUs include the purchase of agricultural produce, acquisition of equipment and construction of facilities to link products to the market, including other programs and projects of the LGU that provide basic and support services, social welfare, healthcare, and other infrastructure activities.
Since its launch in July 2020, the program has gained wide acceptance by LGUs that the state-run bank has increased its fund allocation to P150 billion―15 times more than the P10-billion initial fund.