- Posted December 5, 2013 by
This iReport is part of an assignment:
Typhoon Haiyan: Your stories
Gov't banks' loan packages available to LGUs, victims
Local Government Secretary Mar Roxas said President Benigno S. Aquino has directed Development Bank of the Philippines and Land Bank of the Philippines to provide packages that will help rebuild public infrastructure and give relief for those who have outstanding loans as part of the continuing efforts of the government to fast track the restoration of economic activities in typhoon affected areas.
“The President has instructed DBP to provide long term low interest loans and packages where LGUs that have outstanding loans can have moratorium of payment for their loans,” said Roxas.
He said the same instruction was given to Landbank during the Regional Disaster Risk Reduction and Management Council meeting held in this city, December 4.
In a press report, Landbank said it has earmarked P30 billion to help victims recover from destruction brought about by natural calamities through its LANDBANK Calamity Rehabilitation Support (CARES) program in support of the government’s effort to restore economic and social activities and accessibility in calamity-affected areas.
Under the program, existing and new customers may avail of loan restructuring and rehabilitation credit programs. Eligible borrowers include LGUs, home buyers, small and medium enterprises, cooperatives and NGOs, and countryside financial institutions.
On the other hand, DBP has also released P10 billion through its National Rehabilitation Fund for Calamity Stricken Areas, also, in support of the national government efforts to speed-up the economic recovery of the calamity stricken areas in Visayas, according to a press release posted on its website.
The assistance is available for eligible existing DBP clients/borrowers in the form of deferment/moratorium of payment of loans, amortization, restructuring of accounts, additional loan and condonation o condonable charges.
Assistance will also be granted to new clients to rehabilitate and restructure their businesses.
Before the meeting, Roxas who was with
Social Welfare and Development Secretary Dinky Soliman and Defense Secretary Voltaire Gazmin visited Estancia, Iloilo, to inspect the oil spill caused by a power barge damaged during the onslaught of typhoon Yolanda. (JCM/LAF/PIA6)