Landbank OKs P2.8 billion loan to boost social services in Manila

MANILA, Philippines — State-run Land Bank of the Philippines (Landbank) has approved P2.8 billion in loans to improve social services in the city of Manila.

During the launch of its additional mobile automated teller machines (ATMs) yesterday, Landbank president and CEO Cecilia Borromeo said a total of P2.8 billion in financing has been recently approved for the country’s capital.

Of this, P1.6 billion will finance modern and state-of-the-art medical equipment of the Bagong Ospital ng Maynila to boost health services for the residents.

“We are looking to upgrade the medical services and facilities of the hospital to provide quality and accessible healthcare,” Borromeo said.

Another P1.2 billion will support the city’s Land for the Landless program to finance the acquisition of lands and to develop socialized housing for low income, informal settlers and homeless families in Manila.

Manila Mayor Honey Lacuna  said most Manila residents, particularly informal settlers, want to own the land that they currently live in.

Lacuna said Landbank has offered to lend the local government up to P10 billion amid the city’s good borrowing capacity.

“We have many more programs that we want to start and the Landbank would really be a big help to us,” she said.

These programs include a senior citizens affair center, social civic center, and more homes for street dwellers, among others.

During the same event, Landbank launched 10 mobile ATMs that aim to service communities with disrupted or limited access to banking services. This brings Landbank’s total mobile ATMs to 20.

Of the 10 new mobile ATMs, six will be stationed in Luzon and two each in Visayas and Mindanao.

Borromeo said the bank is expanding its reach nationwide to promote greater financial inclusion and spur inclusive and sustainable development.

Designed as an offsite ATM mounted on a customized transport vehicle, the mobile ATM can provide basic banking services, such as cash withdrawal, balance inquiry, bills payment, and fund transfer.

These will also be deployed in areas affected by calamities, as well as be used for cash payouts to beneficiaries of the government’s cash transfer programs for the poorest sector of society.