STATE-run Land Bank of the Philippines (Landbank) said its outstanding loan portfolio to micro-sized, small-scale and medium-sized enterprises (MSMEs) at the end of the first half rose by 7 percent year-on-year to nearly P50 billion.
In a statement, the Landbank said its outstanding loans to MSMEs as of end-June reached P49.5 billion, about P2.9-billion higher than the P46.6 billion it recorded in the same period of last year.
The BusinessMirror is still awaiting further details or reasons behind the increase of its MSME loan portfolio as of this writing. Nonetheless, the Landbank said the loan portfolio benefited at least 6,100 borrowers.
“Landbank recognizes the crucial role of MSMEs in advancing economic development and job generation,” the bank’s President and CEO Lynette V. Ortiz was quoted in the statement as saying. “We will continue to work with various government partners to grow our loan portfolio for the sector and open more opportunities for our local entrepreneurs.”
The Landbank said it has been offering special lending programs for MSMEs and entrepreneurs on top of its regular loan facilities.
The Landbank said it provides credit and loan restructuring assistance to MSMEs impacted by the Covid-19 pandemic under its “i-Rescue” program.
The bank said it opened this lending window at the onset of the pandemic in 2020 and was able to raise P60 billion as available loanable fund to accommodate more borrowers.
“The program is available until the end of the year,” it said.
The other lending programs of Landbank targeted to MSMEs include those that extend financial assistance to women-owned or -led MSMEs, overseas Filipino workers, and new and existing franchisees. The bank said it also offers credit assistance to Filipino inventors, MSMEs and large enterprises, who are eyeing to commercialize their innovative technologies.
Landbank loans in H1 to MSMEs reach ₧50B
Source: News Paper Radio
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