MANILA, Philippines — Land Bank of the Philippines has opened a P50 billion loan facility that manufacturing firms can tap into to shield their business activities from the impact of economic disruptions like the war in Europe.
Landbank yesterday announced the launch of the NATION SERVES program that manufacturers can borrow from to increase their working capital in times of emergencies.
NATION SERVES stands for the National Assistance Towards Initiating Opportunities to Entities Amidst Social and Economic Reverses which Visibly Entail Shockwaves to Businesses.
Landbank president and CEO Cecilia Borromeo said the credit line could be accessed to firm up operations and improve facilities to mitigate the impact of natural and man-made shocks. It can also be used to buy supplies and expand inventories in preparation for eventual shortages.
Borromeo said the program could support the borrowings of energy and fuel providers taking a hit from the supply crunch caused by Russia’s invasion of Ukraine. Similarly, it could fill in the capital demands of electronics assemblers, medicine makers, metal firms and weapons manufacturers in the Philippines.
Borromeo said qualified borrowers include agricultural enterprises, aviation hardware producers and renewable energy developers.