Land Bank of the Philippines has distributed a total of P15 million in cash assistance to local government units in North and Central Luzon affected by Typhoon “Lawin” (international name “Haima”) that battered the country last month.
Records from the National Disaster Risk Reduction and Management Council showed that the typhoon left 14 dead and caused P2.7 billion in damages in infrastructure and P1 billion in agriculture.
Led by Branch Banking Sector head and senior vice president Liduvino Geron and North Luzon Branches Group head and vice president Nomerlito Juatchon, Landbank turned over the assistance in ceremonies held in Ilagan, Isabela and Tuguegarao City.
Isabela, which was placed under a state of calamity, received a total of P2.2 million divided among its 34 cities and municipalities, where 20,825 families were affected by the typhoon.
Among the local chief executives who attended the turnover ceremony in Isabela was Palanan Mayor Rodolfo Bernardo Jr., whose town suffered severe damage from the typhoon.
Nearly 70 percent of houses and infrastructure and almost all crops were damaged by the typhoon in Palanan, Bernardo said. “That’s why we are thankful to Landbank for this assistance that we will distribute to our affected townsfolk,” the mayor added.
Landbank also handed over P3.125 million in cash assistance to Cagayan Province, which was directly hit by the typhoon and suffered the heaviest damage from Lawin in a ceremony in Tuguegarao.
““Lawin” was the worst typhoon to hit our town, because almost 80 percent of our infrastructure and agricultural land were totally damaged,” said Solana Mayor Jennalyn Carag who personally received the financial assistance for her municipality.
Cagayan, where Tyhoon “Lawin” made landfall and damaged a total of 28,429 houses, was also put under a state of calamity.
“We are grateful to Landbank for the financial assistance. Right now, every peso counts,” Office of the Governor Chief-of-Staff Atty. Ma. Rosario Villaflor said.
Landbank allocated P4.025 million for the Cordillera Administrative Region; P3.725 million for Region I; P6.25 million for Region II; and P1 million for Region III.
The cash assistance for other provinces, which was divided among affected towns and cities based on the reports submitted by the regional Office of the Civil Defense, was distributed through Landbank branches in the region.
“This is part of Landbank’s commitment to be there not only for our clients but most importantly to our fellow Filipinos, especially in times of calamities,” Geron said.
Aside from relief operations and financial assistance for affected communities, Landbank also has an existing program specifically designed to help calamity-affected areas.
Landbank Calamity Rehabilitation Support is the bank’s umbrella financial assistance program to help victims recover from destruction brought about by natural calamities.
Under the program, both existing and new clients may avail of rehabilitation credit programs for acquisition or repair of new facilities or equipment, additional working capital or for livelihood financing.
Existing customers may also avail of loan restructuring, wherein short terms loans may be extended up to a maximum of three years, inclusive of a maximum of one-year grace period on principal payment.
For term loans, tenor can be extended for additional three years over the remaining term of the loan at the time of calamity, with a maximum grace period of three years on principal payment.
