Land Bank of the Philippines (LandBank) has announced the availability of immediate financial assistance to businesses and individuals affected by Severe Tropical Storm Kristine (international name Trami).
Under the LandBank CARES Plus (Community Assistance and REintegration Support Plus) lending program, various sectors, including farmers, fishers, cooperatives, micro, small and medium enterprises (MSMEs), large corporations, and electric distribution utilities, can access financial aid to rebuild, restore operations, and recover from disaster-related losses.
“LandBank stands ready to provide accessible, responsive, and immediate financial assistance to sectors severely impacted by the typhoon. We are fully committed to doing our part in helping our kababayans and communities recover from this adversity while accelerating recovery efforts,” LandBank president and chief executive officer, Lynette Ortiz. said in a news release Oct. 27.
Eligible borrowers can use the loans to cover essential expenses, such as working capital, capital expenditures, and the repair or acquisition of disaster-damaged equipment, facilities and structures.
Electric distribution utilities may also avail of short-term working capital to address increased generation and distribution costs following the typhoon.
LandBank likewise offers the “EasyCash for Emergencies” feature for LandBank credit card holders, allowing them to convert their available credit limits into emergency cash with flexible repayment options of up to 36 months.
Eligible cardholders will receive a text message and email from LandBank confirming their eligibility for the credit limit conversion.
Customers with an available credit limit may also reach out to the bank to request for cash conversion.
The funds will be credited to their LandBank deposit accounts upon validation of application.
For employees of government agencies and companies with LandBank payroll services, the Electronic Salary Loan (eSL) offers quick access to funds.
Eligible borrowers may apply for the eSL by contacting their human resources departments or visiting their LandBank servicing branch.
Existing eSL borrowers may apply for early renewal if they have completed at least one month of paid amortization.
LandBank is waiving the servicing fee for eSL applications from Oct. 28 to Dec. 31.
It encourages its customers to maximize the use of its digital banking channels, such as the LandBank Mobile Banking Application, iAccess, weAccess, Link.BizPortal, and electronic Modified Disbursement System, to safely complete banking transactions. ||
