State-run Land Bank of the Philippines expects more businesses and cooperatives to tap its I-RESCUE (Interim REhabilitation Support to Cushion Unfavorably affected Enterprises by COVID-19) lending program.
It said that as of end-January 2023, it approved loans totaling P41.3 billion to fast-track the recovery of local businesses and cooperatives impacted by the onslaught of the COVID-19 pandemic.
The lending program assisted 825 borrowers nationwide, composed of 549 micro and small enterprises, 134 cooperatives, seven microfinance institutions and 135 large enterprises.
LandBank extended the I-RESCUE lending program until December 2023 to accommodate more potential borrowers.
“LandBank remains committed to support the resurgence of pandemic-hit businesses and cooperatives. We will continue to serve their financial requirements to further advance the country’s ongoing economic recovery,” bank president and chief executive Cecilia Borromeo said in a statement.
LandBank first launched the I-RESCUE Lending Program at the onset of the pandemic, designed to provide borrowers timely financial aid at concessional terms, which include a longer repayment period, moratorium on principal and interest payments and lower interest rates.
Under the program, eligible borrowers may avail of up to 85 percent of their emergency or permanent working capital requirements, with an interest rate of 7 percent fixed for one year and subject to annual repricing thereafter.
