STATE-run Land Bank of the Philippines (LandBank) was recently awarded the Merit Award for Outstanding Development Project for Local Economic Development from the Association of Development Financing Institutions in Asia and the Pacific (Adfiap), on the back of its efforts to support local communities to recover from the effects of the pandemic.
The award for LandBank’s “Restoration and Invigoration Package for a Self-sufficient Economy towards UPgrowth for LGUs [local government units]” was given at the Sustainable Development Awards 2021, held during the 44th annual meeting of the Adfiap.
“This recognition adds spring to our step as the path towards a ‘better normal’ is still riddled with obstacles and difficulties,” LandBank President and CEO Cecilia C. Borromeo was quoted in a statement as saying. “But together—with a determined and hopeful resolve—we can do our part to contribute to the unified goal of overcoming this pandemic.”
The feted lending program was launched by the LandBank in July last year with a P150-billion fund allocation. The lending window aims to provide affordable and accessible financing to LGUs to stimulate economic activities and generate more livelihood opportunities. As of September, the lender said it has approved loans amounting to P90.95 billion for 330 LGUs nationwide.
For the first nine months of the year, the bank has also released a total of P60.35 billion in loans to support various LGU projects. These projects include agriculture and aquaculture initiatives, infrastructure, healthcare and transportation, among others.
“Landbank remains committed to supporting local government partners towards building resilient and inclusive local communities as part of its mandate of serving the nation,” the state-run lender’s statement read.