ANNOUNCEMENT 15 Apr 2020

The LANDBANK of Philippines has announced a subsidized loan facility for SME's, Microfinance Institutions, and Cooperatives affected by the COVID-19 pandemic.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

LANDBANK launches loan program for enterprises, coops hit by COVID-19
https://www.landbank.com/news/landbank-launches-loan-program-for-enterprises-coops-hit-by-covid-19

I-RESCUE LENDING PROGRAM
https://www.landbank.com/i-rescue-lending-program

Inception date: 15 Apr 2020 | Removal date: 31 Dec 2020

State loan

On 15 April 2020, the Land Bank of the Philippines (LANDBANK*) announced a financing facility for Small and Medium Enterprises, Microfinance Institutions, and Cooperatives affected by the COVID-19 pandemic. The program, called the I-RESCUE (Interim Rehabilitation Support to Cushion Unfavorably-affected Enterprises by COVID-19) Lending Program, will provide new financing and restructuring of existing loans at more flexible terms and conditions.

The facility has an initial internal program fund of PHP 10 billion (~USD 197 million) and will be available until 31 December 2020. It will provide new financing up to 85% of the working capital requirement, at a reduced interest rate of 5% per annum for a period of 5 years.

*LANDBANK is a government financial institution.

** Philippine Peso to USD as on 15 April 2020 - PHP 50.70/USD

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