The Market Monitor Minding the Nation's Business
Great things are moving at LANDBANK.
The bank has partnered with the Social Security System (SSS) to launch a microloan facility through the bank’s mobile platform.
The SSS Loan Lite Program allows members to apply for loans digitally via the LANDBANK app, with automated eligibility checks, streamlined processing and rapid crediting of proceeds.
“This new product clearly is something that is going to be a game changer,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said in a separate statement. “What we are really hoping to bring to the table will be all our digital solutions to make loans and credit facilities available in a more accessible, efficient way.”
The program, set for launch in the first half, will allow members without LANDBANK accounts to open one seamlessly. Loan repayments can be made through automatic debit or other convenient channels, supported by robust audit, security and data privacy measures.
Meanwhile, the state-controlled bank on Wednesday began the public offering of its dual-tenor sustainability bonds.
The bank has priced the Agriculture, Sustainability, Environment and Socioeconomic Development or ASENSO Bonds at 5.1714% per annum for the 1.5-year Series B tranche and at 5.5615% per annum for the three-year Series C papers.
They are available for purchase at LANDBANK branches, its selling agents, and through the LANDBANK Mobile Banking App (MBA). The lender said the ASENSO Bonds are the first corporate or bank bond offering made available via in-app subscription.
“The ASENSO Bonds allow Filipinos to grow their savings through attractive returns, while directly supporting projects that strengthen agriculture, protect the environment, create jobs, and uplift communities,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said in a statement. “This is finance with purpose. This is capital with conscience — where every peso helps move the nation forward.”
LANDBANK is looking to raise P30 billion via the issuance. It earlier said that the bond proceeds will be used to fund eligible green projects, including renewable energy, energy efficiency, green buildings, clean transport, sustainable water management, and pollution prevention, as well as social projects such as food security, affordable housing, health, education, access to essential services, employment generation, and broader socioeconomic development.
The public offer period is set to run until Feb. 6. The bonds will be listed on the Philippine Dealing & Exchange Corp. on Feb. 16.