Landbank to lend $27M to SBMA

MANILA, Philippines - State-run Land Bank of the Philippines will grant a $27-million term loan to Subic Bay Metropolitan Authority (SBMA) for the refinancing and take-out of a portion of its existing foreign loans.

A top dollar depositor of the Landbank Subic branch, the SBMA plays a major role in promoting tourism and enabling industrial, commercial, and investment growth in the Subic-Clark region.

Landbank has been vigorously extending loans to government entities and related sectors.

In the first nine months of 2013, Landbank’s loan portfolio expanded 156 percent to P280 billion from P241.9 billion in September 2012.

Landbank president and CEO Gilda Pico said most of the loans were granted to priority sectors of the government.

Specifically, loans to its priority sectors expanded to P221.7 billion, representing 79.2 percent of the bank’s total loan portfolio.

The bank’s priority sectors comprise, among others, small farmers and fisherfolk, microenterprises and SMEs, agri-aqua related projects of LGUs and GOCCs, socialized to medium cost housing, and utilities.

“The consistent growth in our loan portfolio, particularly our loans to our priority sectors, is solid testament of Landbank’s aggressive support to the government’s thrust towards inclusive growth and our relentless commitment to nurture progress in the rural areas,” Pico said.