Typhoon Kristine has recently brought severe devastation throughout the country, reporting a hundred plus death toll, and damages to infrastructure and other impacted economy. As a measure to help those who were affected by the onslaught of Typhoon Kristine, the Land Bank of the Philippines (LANDBANK) stays committed in providing relief to businesses and individuals by helping to rebuild communities and restore economic activity in those areas.
3 Types of Financial Assistance Programs Offered by Land Bank
1. LandBank Cares Plus (Community Assistance and Reintegration Support Plus) Lending Program
The first financial assistance program which is the LANDBANK CARES Plus (Community Assistance and Reintegration Support Plus) Lending Program can be availed by various sectors including the following:
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- farmers;
- fishers;
- cooperatives;
- micro, small, and medium enterprises (MSMEs);
- large corporations; and
- electric distribution utilities.
The financial assistance that they will obtain here may be used to rebuild, restore operations, and recover from disaster-related losses. Specifically, those who will be able to take out the loans may utilize the amount to cover essential expenses, which include working capital, capital expenditures, and the repair or acquisition of disaster-damaged equipment, facilities and structures.
Meanwhile, electric distribution utilities may take advantage of short-term working capital to acquire increased generation and distribution costs because of the typhoon.
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2. EasyCash for Emergencies
The next financial assistance program offered by Land Bank is the EasyCash for Emergencies. This is open for Land Bank credit cardholders which gives them the ability to convert their available credit limits into emergency cash using a flexible repayment options of up to 36 months.
If qualified, cardholders will receive an SMS and email from LANDBANK that confirms their eligibility for the credit limit conversion.
Those cardholders with available credit limit also have the option to reach out to the bank to request for cash conversion. Afterwards, the funds will reflected to their LANDBANK deposit account after validation of their application.
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3. Electronic Salary Loan (eSL)
The last financial assistance program offered by Land Bank is the Electronic Salary Loan (eSL) which is especially intended to employees of government agencies and companies with LANDBANK payroll services.
Those who are qualified for the program may be able to apply for the eSL through contacting their HR Department or by personally appearing to a LANDBANK servicing branch.
Those Existing eSL borrowers may also avail early renewal provided that they have completed at least one month of paid amortization. The good news is that LANDBANK is removing the servicing fee for eSL applications starting today October 28 to December 31, 2024.
LANDBANK reiterated that they are doing all of these financial assistance programs to make accessible, responsive, and immediate financial assistance to those who are severely impacted by the typhoon. They also emphasized that they are fully committed to doing their part in helping our kababayans and communities to recover from this natural adversity while accelerating recovery efforts.
Source: Land Bank of the Philippines
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