News – PH – ₱ 5, according to LandBank, 28 billion loans were released to MSMEs, cooperatives, in late January

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Metro Manila (CNN Philippines, 28 Feb.) – The Land Bank of the Philippines on Sunday said a total of ₱ 528 billion from the 6As part of its financing program for companies affected by COVID-19, 95 billion approved loans have already been granted to ailing micro, small and medium-sized enterprises (MSMEs) and cooperatives

In a statement, LandBank said that 227 borrowers had taken advantage of the loan assistance, of which 167 were MSMEs, 34 cooperatives, four microfinance institutions (MFIs) and three large companies at the end of January

The loans were released as part of the provisional rehabilitation support to cushion companies that were adversely affected by the Covid-1 or I-RESCUE credit program

The program, launched in April last year, aims to offer MSMEs, MFIs and cooperatives credit and loan restructuring on more flexible terms

According to LandBank, companies and corporations can borrow a maximum of 85% of their emergency or working capital requirements with the I-RESCUE program at an affordable interest rate of 5 percent per year, which is payable for a maximum of five years with a grace period for the main payment

“We are expanding the I-RESCUE credit program to cover a wider range of key industries in need of better access to credit,” said Cecilia C, President and CEO of LandBank Borromeo was quoted in the statement

The state lender has announced that it will offer a new partial credit facility for MSMEs, cooperatives and the self-employed that will allow them to pay a minimum of £ 100000 or up to 85% of their working capital borrow at a lower fixed rate of 3% per year

“LandBank is keeping pace with the emerging demands of the new normal to support the country’s ongoing economic recovery,” added Borromeo

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Land Bank of the Philippines, Cooperative, Small and Medium Business, Finance, Cecilia C Borromeo

News – PH – ₱ 5According to LandBank, 28 billion loans were released to MSMEs, cooperatives, at the end of January
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Source: https://www.cnnphilippines.com/business/2021/2/28/landbank-loans-msmes-coops-covid.html