Landbank OKs P120 million financing for Basilan LGU

MANILA, Philippines — State-run Land Bank of the Philippines (Landbank) has approved a P120-million financing for agriculture and infrastructure projects meant to develop the local government of Basilan.

Landbank said it granted the loan financing to the municipal government of Tuburan in Basilan to boost countryside development, particularly agriculture and infrastructure.

The financing will be used for the purchase of heavy equipment such as 10-wheeler dump truck, mixer and self-loading trucks, wheel loaders and hydraulic crawler excavator.

These are expected to expedite the construction and maintenance of farm-to-market roads and other crucial infrastructure projects across the town.

As such, it will enhance the municipality’s road network and provide over 1,500 local farmers and fishers with improved access to agricultural technology and farm material inputs while cutting transportation costs.

The funding is also crucial in advancing local growth considering that the municipality is an agricultural community with most of its land area dedicated to coconuts, rubber and cassava.

Landbank president and CEO Lynette Ortiz said the loan would support the local government’s strategic investments in promoting economic growth especially in underserved communities.

“This complements our efforts in support of the agriculture sector and other key industries, contributing to building inclusive and sustainable local communities,” Ortiz said.

As of end-April, Landbank’s outstanding loans to LGUs nationwide hit P113.6 billion in a bid to spur inclusive and sustainable economic development.

The loans support local development projects nationwide including the acquisition of heavy equipment, construction and maintenance of farm-to-market roads, railways and bridges, utility projects, school and hospital buildings, street lights and digitalization of LGU operations, among others.