LAND BANK of the Philippines (LANDBANK) has extended P62.06 billion in loans to local government units (LGUs) as of end-October, the state-run bank said.
LANDBANK in a press release on Thursday said that from that total, P22.96 billion funded agriculture and aquaculture projects.
Another P5.82 billion was set aside for transportation and P5.23 billion was put into healthcare initiatives.
LANDBANK in the same statement said it extended a P60-million loan to the municipal government of Lagayan in Abra province for development projects.
The loan will fund the rehabilitation of a municipal road between barangays Pulot and Poblacion, and it will buy a payloader for dredging the Palsuguan and Tineg rivers traversing the town.
The dredging project would “prevent floods in rice fields and barangays caused by the natural buildup of debris and rising waters resulting from monsoon rains,” the bank said.
“Part of the LANDBANK loan will also be used to put up a drainage canal system in Barangay Poblacion to improve water drainage for the health and safety of residents.”
LANDBANK’s net income grew by 21.2% in the first nine months of the year to P16.72 billion from P13.8 billion on the back of the lower cost of funds.
This puts the bank on track to meet its P19.68-billion profit target by yearend. — J.P. Ibanez