LGUs May Apply for Landbank Loan Amid the COVID-19 Crisis
LANDBANK LOAN – The Landbank of the Philippines offers cash assistance to local government units (LGUs) through loans amid the COVID-19 crisis.
Almost everything is affected by the 2019 novel coronavirus or COVID-19, a pandemic as declared by the World Health Organization (WHO). Most countries across the globe now are on the move to contain the spread of the infection which happens rapidly.
The Philippines is one of those nations with increasing coronavirus cases. Currently, the total confirmed cases of COVID-19 in the country is 2,633. According to the Department of Health (DOH), the increase may continue as more people are tested now.
Amid the health crisis in PH, the authorities are encouraging everyone to stay at home. Limiting the movement of the people is one of the vital ways to curb the spread of the disease.
Widespread quarantines now are implemented in the different parts of the country. A lot of people are in need of cash assistance from the government as businesses cancelled duties of employees and their operation.
Amid the COVID-19 crisis in the Philippines, the Landbank of the Philippines provided an offer for the local government units (LGUs). They may apply for a Landbank loan to deliver assistance to their constituents.
Based on a report on Philstar, P10-billion was alloted for the Landbank loan offers for LGUs amid the COVID-19 crisis. According to Cecilia Borromeo, the president of the government bank, the offer is under the Help via Emergency Loan Assistance for LGUs or HEAL Program.
Borromeo stressed that the bank is willing to assist the LGUs financially in the “recovery and rehabilitation needs”. Based on the report, the interest rate under the offer is fixed at 5% per annum.
The LGU may pay for the loan for up to five (5) years. A one-year grace period is part of the features of the loan offer in this time of national crisis.
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