In celebration of the National Micro, Small and Medium Enterprise (MSME) Week, the Land Bank of the Philippines (Landbank) reaffirms its full support to the MSME sector through the provision of accessible and affordable financing.
As of end-June 2023, the state-run bank saw its outstanding loans to MSMEs reach P49.5 billion benefitting over 6,100 borrowers in support of business expansion and acquisition of fixed assets, among others.
“Landbank recognizes the crucial role of MSMEs in advancing economic development and job generation. We will continue to work with various government partners to grow our loan portfolio for the sector and open more opportunities for our local entrepreneurs,” said Landbank President and CEO Lynette Ortiz.
Landbank Vice President Esperanza Martinez discussed the Bank’s efforts to provide MSMEs wider access to responsive financing at the National MSME Summit 2023 organized by the MSME Development Council on July 18.
On top of its regular loan facilities, Landbank has been offering special lending programs dedicated to the needs of MSMEs and aspiring entrepreneurs.
Under the I-RESCUE (Interim REhabilitation Support to Cushion Unfavorably affected Enterprises by COVID-19) Lending Program, Landbank provides credit and loan restructuring assistance to MSMEs severely affected by the COVID-19 pandemic under more flexible terms and conditions.
The Bank launched the I-RESCUE Lending Program at the onset of the pandemic in 2020 and has raised to P60 billion the available loanable fund to accommodate more borrowers. The program is available until the end of the year.
Landbank also extends financial assistance to women-owned or -led MSMEs by financing working capital, construction or renovation of buildings and facilities related to business operations, as well as purchase orders from the borrower’s clients.
Overseas Filipino workers (OFWs) are also supported to pursue business opportunities, with Landbank partnering with the Overseas Workers Welfare Administration (OWWA) in offering loanable funds for working capital or acquisition of fixed assets, among others.
The Bank is likewise financing new and existing franchisees for new business ventures or expansion of existing businesses, covering funding for working capital, fixed asset acquisition, and capital expenditures.
In partnership with the Department of Science and Technology’s Technology Application and Promotion Institute (DOST-TAPI), Landbank also offers credit assistance for Filipino inventors, MSMEs and large enterprises to help commercialize their new and innovative technologies.
Interested borrowers may contact the nearest LANDBANK Lending Center or Branch nationwide, or call LANDBANK’s customer service hotline at (02) 8-405-7000 or at PLDT Domestic Toll Free 1-800-10-405-7000. (Landbank Press Release)
