LandBank extends P14-M cash assistance to ‘Kristine’-affected LGUs

State-run Land Bank of the Philippines is extending PHP14 million in financial assistance to local government units (LGUs) affected by Severe Tropical Storm Kristine (international name Trami). 

In a statement on Wednesday, LandBank said the cash donation would support the recovery efforts of 130 LGUs in Luzon and the Visayas.

The amount is on top of the PHP1.1 billion assistance extended by the government to affected families, announced earlier by the Presidential Communications Office (PCO).

“This funding provides critical support for our LGU partners to augment their calamity funds and sustain vital services for evacuees,” LandBank president and chief executive officer Lynette Ortiz said.

“As recovery timelines remain uncertain, LandBank is committed to helping LGUs respond swiftly and effectively to the needs of their communities.”

Aside from the donation to LGUs, LandBank, through its Community Assistance and REintegration Support Plus (CARES PLUS) lending program, is also offering financial assistance to affected businesses and sectors.

Eligible borrowers include micro, small and medium enterprises, cooperatives, large corporations, and electric distribution utilities.

LandBank’s Electronic Salary Loan (eSL) also offers quick funds for government and corporate employees with LandBank payroll services, with a waived servicing fee for applications until Dec. 31.

Existing eSL borrowers may also apply for early renewal if they have completed at least one month of paid amortization.

The bank also offers the EasyCash for Emergencies feature for LandBank credit cardholders to convert available credit limits into emergency cash, repayable up to 36 months.

LandBank said eligible customers would receive a notification for activation or may request cash conversion directly.