The Department of Science and Technology–Technology Application and Promotion Institute (DOST-TAPI) feted state-run Land Bank of the Philippines headed by bankero Cecilia Borromeo for its contribution to the development of science and technology in the country.
Landbank received the recognition for the Innovation and Technology (I-Tech) Lending Program, which aims to support the commercial production of patented Filipino inventions, utility models and industrial designs.
The government owned bank has five approved borrowers with loans totaling P25.55 million as of end March.
“Landbank is one with the DOST in advancing the country’s development agenda through technology and digital innovations. This forms part of our expanded mandate of supporting various sectors and serving the nation,” the bankero said.
The I-Tech Lending Program is a partnership program between Landbank and DOST-TAPI, designed to assist Filipino innovators and inventors in commercializing their patented innovations and inventions through credit financing using the Bank’s financial strength and DOST-TAPI’s technological expertise.
Under the Program, borrowers are required to have their inventions or projects evaluated by the DOST-TAPI for technical viability before being endorsed to Landbank for credit assessment on their financial and commercial feasibility and sustainability.
Inventor-borrowers can get funding for up to 85 percent of their total project cost with a 45-40-15 project cost-share.
Landbank will finance up to 45 percent of the overall project cost at a five percent rate per year, TAPI-IGF will shoulder up to 40 percent of the cost at zero interest rate, while the remaining 15 percent will serve as the borrowers’ equity.