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June 19, 2024

Landbank extends P748M in loans to Biliran LGUs for infra projects

State-run Land Bank of the Philippines led by bankero Cecilia Borromeo has approved P747.9 million worth of loans to local government units (LGUs) in the province of Biliran.

Proceeds of the loans would be used to finance the construction of road networks, waterworks systems, public markets and government buildings, and acquisition of essential equipment, among others.

“Biliran is full of promising opportunities with its rich natural resources and flourishing agriculture and tourism sectors. Landbank fully supports the province’s development agenda by servicing the requirements of all LGUs and other local stakeholders,” the bankero said.

The government owned bank is doing its share to accelerate recovery and development of this island province by catering to the banking and financial needs of the provincial government and its eight municipalities.

It is the sole servicing bank in Biliran with a 100 percent share in deposits and loans of all LGUs of the province—making the Bank the biggest development partner of the LGUs towards inclusive and sustainable local development.

In support of the provincial government’s COVID-19 response, Landbank financed the acquisition of medical equipment and supplies to boost the healthcare services of the Biliran Provincial Hospital—the only public hospital in the province.

It likewise supported the provincial government in the acquisition of land and sea ambulances to assist all municipalities for the expedient transfer of patients to the provincial hospital.

The provincial government was also assisted by the Landbank to complete a four-kilometer road, drainage and flood control systems, water reservoir and perimeter fence in the Municipality of Naval, which serves as the provincial capital.

Meanwhile, Landbank’s outstanding loans to Biliran’s agriculture sector have reached P79.2 million, with nearly 25,000 farmers and fishers assisted as of end-June.