Author Topic: Repayment of loan amortizations with the Land of the Philippines  (Read 568 times)

MikeLigalig.com

  • FOUNDER
  • Webmaster
  • *****
  • Posts: 33285
  • Please use the share icons below
    • View Profile
    • Book Your Tickets on a Budget
Land Bank extends loans for macro, micro enterprises
By Danny O. Sagun

DAGUPAN CITY, Pangasinan (4 July 2005) -- No local government unit in Pangasinan has ever defaulted in the repayment of loan amortizations with the Land of the Philippines, a bank official said recently.

Manager Victoria Zambrano of the LBP Pangasinan lending Center said that Dagupan City and other towns which barrowed money from the bank find their respective projects like market construction have been up-to-date in their repayments.

“Wala silang past due,” she told the Pantongtongan Tayo radio programj of the Philippines Information Agency over Radyo ng Bayan-DZMQ.

Recent reports said that LGUs which recently built new market buildings like Dagupan and San Carlos City have difficulties realizing their income targets because of low stall rental collection.

Zambrano said it was expected that the LGUs concerned would experience difficulties in the first two to three years of operations of a new market building.

Asked if such problem would affect the capability of the municipality to pay back the loan, she said the town can tap the internal revenue allotment as source of payment. “They can use the IRA for debts servicing.” She said.

The only drawback on the system however is that delivery of other services for the public is affected, observers said.

She said the feasibility studies have been made to determine the capacity of the town to pay its loans, she pointed out.

Dagupan has barrowed a total of P362 million for the construction of the new Malimgas market, a modern mall-like market with air conditioning and parking facilities, and has a standby letter of credit amounting to P40 million for the renovation of the Mac Adore building, the former five-star hotel which the city bought for P50 million in installment basis from the finance department.

Due to poor daily sales, stall occupants at the Malimgas market have asked the city government to lower their monthly rentals. The city refused but nonetheless extended help to them by aggressively advertising the advantage of the new market thru the media.

Under the bank’s agriculture-agrarian loan program, LBP has allotted some P1.2 billion in loans to the LGUs which cornered some P700 million, 179 million for small and medium enterprises (SMEs), and P187 million for farmers and fisher folks.

The bank does not directly deal with individual barrowers but thru cooperatives and countryside financial institutions like rural banks, she clarified.

The IBP lending center is based in Urdaneta.

Meanwhile, Land Bank has launched an easier and more convenient way to send money from overseas Filipino to their beneficiaries here, LBP Dagupan branch head Inocencia Pacheco said.

All the beneficiary will have to do is open a Peso Savings or ATM account with any branch with two valid IDs and inform the remitter of the complete savings account or ATM number and the Land Bank branch.

For the remitter, he must give the same and address of the beneficiary, the savings account of ATM number and bank branch.

If it is coursed thru a depository or corrbank, use the SWIFT code of Landbank which is TLBPPHMMXXX.

Pacheco said the process is simple, convenient, fast, safe and reliable. The bank has overseas officers and contract persons in Singapore, Japan, Taiwan, Abu Dhabi, Italy and USA. It has also depository banks, correspondent banks, and remittance tie-ups in the Middle East, USA, Europe and Asia-Pacific.

The money may also be delivered in cash at the beneficiary address.

Zambrano, Pacheco and account officers Laila Magleo guested at the radio program to inform the public about the banks lending program for macro and micro enterprises and deposit and remittance system. (PIA Ilocos)

Linkback: https://tubagbohol.mikeligalig.com/index.php?topic=89463.0
John 3:16-18 ESV
For God so loved the world, that he gave his only Son (Jesus Christ), that whoever believes in him should not perish but have eternal life. For God did not send his Son into the world to condemn the world, but in order that the world might be saved through him. Whoever believes in him is not condemned, but whoever does not believe is condemned already, because he has not believed in the name of the only Son of God.

👉 GET easy and FAST online loan at www.tala.com Philippines

Book tickets anywhere for planes, trains, boats, bus at www.12go.co

unionbank online loan application low interest, credit card, easy and fast approval

Tags: