BusinessWorld
May 24, 2021 | 12:04 am
BW FILE PHOTO
LAND BANK of the Philippines (LANDBANK) has approved P20.07 billion in loans for firms, micro, small and medium enterprises (MSMEs) and cooperatives affected by the coronavirus disease (COVID-19) pandemic as of April.
The bank said in a statement that loans released through its I-RESCUE (Interim Rehabilitation Support to Cushion Unfavorably affected Enterprises by COVID-19) lending program, which it started in April 2020, benefitted 434 borrowers comprised of 292 MSMEs, 81 cooperatives, 56 large corporations, and five microfinance institutions (MFIs).
Some P18.21 billion of the P20.07 billion in approved loans has already been released.
LANDBANK in April doubled the I-RESCUE programâs fund to P20 billion from the initial P10 billion amid an increased number of loan applications from firms.