Landbank OKs P1 billion loan for Saranggani development State-run

MANILA, Philippines — Land Bank of the Philippines has extended P1 billion in loans to finance various development projects in Saranggani.

Landbank and the provincial government of Saranggani recently inked the term sheet for the P1 billion loan aimed at contributing to making the local economy self-sustaining and competitive.

Half of the total loan, at P500 million, will be allocated for the acquisition of several heavy equipment for the province.

Another P300 million will be used to build the provincial agri-fisheries complex while the remaining P200 million is earmarked for various hospital and medical equipment.

The funding will aid the local government in delivering more basic services to the people and reach its goal for a more resilient, dynamic, and progressive province.

Further, Landbank and the LGU signed a memorandum of understanding for the use of the bank’s electronic payment channel.

Through the Landbank Link.BizPortal, Sarangani residents can now digitally pay for fees, dues, and charges to the provincial government in real-time and at their convenience.

The LGU joins nearly 1,200 government and private partner merchants nationwide that have been enrolled in the LinkBizPortal system as of end-2022.

Last year, the Landbank Link.BizPortal facilitated 5.8 million transactions valued at P11.6 billion.

Landbank said it continues to offer digital products and services to all LGUs in support of the executive order mandating the adoption of digital payments for government disbursement and collections.

This is also in line with the government’s call for a national retail payment system of the central bank.