STATE-run Land Bank of the Philippines announced over the weekend that it is launching a P10-billion lending fund to help smaller banks affected by typhoon Odette to recover.
Under the program, LandBank will finance permanent working capital and capital expenditures, including the repair and rehabilitation of buildings and facilities and the repair or purchase of equipment damaged by the typhoon. “In the face of unprecedented financial challenges brought about by calamities, LandBank stands ready to assist countryside financial institutions to sustain their operations,” LandBank President and CEO Cecilia C. Borromeo was quoted in a statement as saying. “This is part of our commitment to advance local recovery and help build more resilient communities nationwide.”
The bank added that the lending program will also cater to countryside financial institutions in areas placed under a state of calamity by their respective local government units.