The Land Bank of the Philippines (Landbank) launched a new loan offering to assist enterprises against economic disruptions caused by natural calamities or man-made conflicts such as the ongoing strife in Europe, civil wars, and disputes among nations.
The Landbank NATION SERVES (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 surgeson basic commodities as we continue serving the nation,” said Landbank President and CEO Cecilia C. Borromeo.
The state-run bank allocated P50 billion for the Lending Program as a proactive measure to support energy and fuel providers, industry manufacturers of medicines, metals, electronics, and armaments, as well as ship builders, among others.
Eligible borrowers also include renewable energy developers, agri-businesses, and aviation hard-wares and machine manufacturers.
Under the Program, customers may loan up to 85 percent of the actual need with an interest rate based on applicable Bloomberg Valuation Reference (BVAL) rate at the time of loan availment, plus spread of not more than 75 percent of the prescribed spread based on the borrower’s credit rating.
Meanwhile, Landbank facilitated a total of 39.14 million transactions amounting to P567.61 billion from its major digital banking channels in the first three months of 2022–translating to a 36 percent and 22 percent year-on-year growth in volume of transactions and value, respectively.
“Landbank’s digital transformation is geared towards providing accessible financial services to meet the growing needs of our customers. We are also driven towards greater digital adoption to advance financial inclusion in the country, in line with our expanded mandate of serving the nation,” said Borromeo.
She added that the demand for Landbank’s digital services continue to rise as more customers shift to using more convenient, reliable, and safe digital banking solutions, especially in the new normal.
In particular, the Landbank Mobile Banking App (MBA) recorded 29.75 million transactions worth P47.18 billion for the first quarter of the year, or upsurges of 37 percent in volume and 46 percent in value, year-on-year.
The Landbank weAccess–the Bank’s corporate internet banking platform–recorded more than six million transactions worth nearly P143.19 billion, which translates to growths of 37 percent and 25 percent, respectively.
Meanwhile, the Landbank’s web-based payment facility, Link.BizPortal, facilitated around 1.38 million transactions equivalent to a 42 percent increase with corresponding total value of P3.41 billion or 58 percent growth rate.
Landbank’s online retail banking channel, iAccess, also logged a 26 percent jump in transactions value, at P4.46 billion compared to the P3.55 billion in the same period last year.
The Landbank Electronic Modified Disbursement System (eMDS) for national government agency partners also posted an increase of 36 percent in transactions volume amounting to P368.06 billion, or 18 percent rise in value.
With the continuous increase in the use of digital banking channels, the state-run bank assures its customers that it maintains the highest level of security in all its systems, while also reminding customers to remain vigilant against online banking fraud and scams.
