LBP extends P65-M loan

The Landbank of the Philippines recently approved a P65-million loan to the City of Maasin, Southern Leyte for the rehabilitation of the city’s water supply and drainage system. The city has long been experiencing water shortage during the dry season and floods during the rainy season, prompting the city government, led by Mayor Damian G. Mercado, to avail of the loan facility. Maasin has just been converted to a city July this year.

The rehabilitation project falls under the Urban Sewerage, Sanitation and Drainage Component of the World Bank’s Water District Development Project. Landbank is the implementing agency of this World Bank-financed project.

"This is part of Landbank’s commitment to work with the country’s local government units in pursuing development programs," Landbank president and CEO Gary Teves said.

Landbank is the largest provider of loans to the LGU sector, with loan exposure reaching P14 billion as of end-September 2001.