Issue of October 7, 2018
Mt. Province

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Bank extends rehab loans to farmers affected by Ompong
by Press release

Following the recent onslaught of Typhoon Ompong in several regions across northern and central Luzon, Land Bank is extending loan restructuring and rehabilitation loans to individual farmers and farmers’ cooperatives to help them get back on their feet.

Initial estimates among affected Land Bank clients approximate loans for restructuring at P300 million at the least. The bank is continually assessing the extent of damage suffered from the typhoon to address clients’ financing needs and provide appropriate assistance.

“We understand how difficult it is to rebuild and recover after a calamity, which is why Land Bank is extending loan restructuring and rehabilitation loans to assist fellow Filipinos, especially farmers, in getting back on their feet,” said Land Bank President and CEO Alex V. Buenaventura.

Launched in 2013, the Calamity Rehabilitation Support (Cares) Program is Land Bank’s flagship calamity assistance program for existing and new clients severely affected by typhoons, floods, earthquakes or other calamities.

As of June, total approved loans have reached P4.4 billion. Cumulative loan releases for the same period amounted to P3.8B, which benefited 191 borrowers. Of this amount, P1.1B was extended to 47 bank conduits (42 cooperatives, four countryside financial institutions, one non-government organization), which have extended concessional rates to 1,830 small farmers and fishers and 4,984 micro enterprises and small and medium enterprises.

The payment to existing short-term loan accounts of customers who were affected by typhoon and other natural or manmade calamities may be restructured or extended up to a maximum of five years.

Term loan accounts may also be restructured for additional five years over their remaining term at the time of calamity.

The five-year loan repayment terms shall be inclusive of a one-year grace period (deferred payment) on both principal and interest repayments in order to help customers focus initially on restoration and rebuilding.

Under Cares, rehabilitation credit funds may be provided both to existing and new clients. Cooperatives, countryside financial institutions, and NGOs may be provided with rehabilitation credit fund for their relending activities to small farmers, fishers, and micro enterprises.

The fund may also be made available directly to small and medium enterprises and local government units for repair/rebuilding, construction, and acquisition of new facilities or equipment.

Homeowners with properties damaged by calamities may likewise avail of loans for repair or relocation/construction of new houses. The credit terms and requirements are relaxed compared to regular loans.

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