State-run Land Bank of the Philippines launched a new loan offering to assist enterprises against economic disruptions caused by natural calamities or man-made conflicts such as the strife in Europe, civil wars and disputes among nations.
LandBank’s National Assistance Towards Initiating Opportunities to eNtities amidst Social and Economic Reverses which Visibly Entail Shockwaves to Businesses Lending Program provides additional working capital for businesses to strengthen their operations, expand trading facilities and stockpile supplies and inventories to mitigate the actual or impending impact posed by such crises.
“LandBank aims to bolster the resiliency of key development industries by cushioning the negative impact of economic disruptions. Through the NATION SERVES Lending Program, we will also contribute to preventing price surges on basic commodities as we continue serving the nation,” said LandBank president and chief executive Cecilia Borromeo.
The bank allocated P50 billion for the program as a proactive measure to support energy and fuel providers, industry manufacturers of medicines, metals, electronics, and armaments, ship builders, among others.
Eligible borrowers also include renewable energy developers, agri-businesses, and aviation hard-wares and machine manufacturers.