LandBank expands loan program for calamity victims

MANILA, Philippines — State-owned Land Bank of the Philippines (LBP) is expanding its rehabilitation assistance program for victims of calamities in the agriculture sector.

The LBP CARES program can provide financial support to more sectors displaced by natural and man-made calamities and viral infection outbreaks, including the Taal Volcano eruption and African swine fever (ASF), the bank said.

Under the bank’s enhanced CARES program, farmers and fisherfolk, livestock raisers, agri-entrepreneurs, workers and academic institutions were added as eligible borrowers.

Local government units, disaster-affected home owners, small and medium enterprises, cooperatives, non-government organizations and partner financial institutions, such as rural banks, are existing eligible borrowers.

“The CARES program supports the government’s continuing efforts to restore economic and social activities in calamity-stricken areas. It assists both the local government and private sector in their respective rehabilitation efforts,” LandBank president and chief executive officer Cecilia Borromeo said.

“By enhancing the program, LandBank is intensifying its support to small farmers and fishers, especially hog raisers who were hit the hardest by the recent ASF outbreak,” Borromeo said.

Launched in the aftermath of Typhoon Yolanda, the LBP CARES program could be availed by bank clients affected by calamities, including armed conflict, in areas under a state of calamity.