MANILA, Philippines — The Land Bank of the Philippines has extended some P113 billion to over 400 local government units (LGUs) to help them recover from the impact of the pandemic.
Landbank said its Restoration and Invigoration Package for a Self-sufficient Economy towards Upgrowth for LGUs (Rise UP) lending program has so far financed P113 billion in loans as of end-February.
This benefitted 408 LGUs in need of a resilient and sustainable recovery from the pandemic.
The program, which started at the height of COVID in last year, aims to stimulate the economy of LGUs by providing financial assistance to provide basic and support services for local enterprises.
It also targets to encourage LGUs to facilitate regional and local development in their respective areas by integrating the different players in the agricultural value-chain.
The latest beneficiary of the Rise Up lending program is the province of Quirino for the enhancement of its internet connectivity and accessibility.
Landbank approved a P67 million loan to finance the digital infrastructure project of the province, which will be used to provide free WiFi in schools and other public areas.
The funding also covers the procurement of an internet service provider and other equipment, such as routers, modems, and cables, as well as the installation of towers.
The LGU will prioritize schools, public markets, rural health units, municipal and barangay halls, and other public spaces for the improved internet infrastructure.
Once completed this year, the project will provide students and residents with free internet access, with speeds of up to two gigabytes per second.
Landbank president and CEO Cecilia Borromeo said the bank continues to support local government partners toward full recovery from the pandemic, as well as strengthen their capacity to withstand future crises.
Under the Rise Up, eligible projects include the purchase of agricultural produce, acquisition of equipment, and construction of facilities to link products to the market, including other programs and projects of the LGU that provide basic and support services, social welfare, healthcare, and other infrastructure activities.
Landbank has increased the fund allocation for the program to P150 billion from the initial P10 billion in 2020. LGUs can tap the funding until July 2025.