Issue of June 9, 2019
Mt. Province

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LBP offers rehab aid program for calamity-stricken groups
by Susan C. Aro / PIA

Entrepreneurs, cooperatives, non-government organizations, and other sectors may avail assistance from the Land Bank of the Philippines (LBP) for rehabilitation assistance, for those severely affected by calamities, or for a specific localized program.

LBP Cares Department Manager Jesus Alegre Jr. presented the concept and features of the program among entrepreneurs and concerned sectors in a forum on micro, small, and medium entrepreneurs development and disaster resilience spearheaded by the Department of Trade and Industry-Cordillera.

Tagged as “Calamity rehabilitation support or Cares program,” it is a rehabilitation assistance program available to existing and new customers in areas that were declared under state of calamity by the Office of the President or the local government unit, or for an umbrella program from where a specific localized program may be created as the circumstances calls for, Alegre said.

Cares serves as the bank’s ready program every time there is a natural or man-made calamity.

It supports government’s continuing effort to restore economic and social activities and accessibility in affected areas. It assists local government units and the private sector in their respective rehabilitation efforts, he added.

The program consists of rehabilitation through loan restructuring and rehabilitation credit program for SMEs, LGUs, coops, non-government organizations, credit facilities such as rural banks, and home buyers.

The rehab through loan restructuring may be used for additional or new financing as working capital and/or other expenses to rehab or restore damaged facilities or structures.

It may also be a rehab of loan take-out from other financial institutions which covers up to the outstanding balance of the principal.

The repayment varies for short term or term loans, meaning loans for a specific amount that has a specified repayment schedule and a fixed or floating interest rate.

Short term loans may be repaid up to five years inclusive of a one-year grace period.

For term loans, the repayment can be extended for additional five years over the remaining term of the loan at the time of calamity with a maximum grace period of three years on principal repayment and a maximum grace period of one year on interest payment.

As to the credit program for SMEs, the loan may be used for repair of existing facilities or purchase or acquisition of a new one or augment working capital requirement.

Repayment for repair of existing facilities, acquisition of new facilities, or for take-out loan is up to 10 years with maximum grace period of one year on both principal and interest payment.

For home buyers, the purpose must be for repair of existing housing units or construction or purchase of new ones. Interest rate depends on LBP’s lending rate at the time of availment.

The amount is based on the borrowing capacity of the borrower, amount applied for actual need, or appraised value of project.

For details about the program, interested parties may visit the nearest LBP branches.

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