LandBank widens its expanded lending program to cover former extremists

The State-run Land Bank of the Philippines (LandBank) has widened its expanded lending program to cover cooperatives and associations with former extremists.

The ‘Balik-Loob’ lending program is part of the National Government’s initiative to provide financial assistance to former rebels and their families.

“Centered on our thrust of financial inclusion, we are offering financial assistance for the social reintegration of those who have voluntarily abandoned armed struggle to improve their livelihood,” said Cecilia C. Borromeo, LandBank President and Chief Executive Officer

The updated terms of the lending program now allow former extremists to apply for a loan as long as they designate an immediate family member as a co-maker.

Eligible borrowers should be at least 21 years old, have no pending legal cases, and have a government certification that verifies their identities upon their return to the fold of the law.

The lending program launched in 2018 and has provided financial assistance to a range of livelihood projects including mom-and-pop stores, ready-to-wear retailing, fruits and vegetables retailing, curtain making, and agricultural enterprises such as crop protection, piggeries, and poultry projects.

“Eligible borrowers have also attended skills training endorsed under the enhanced-comprehensive local reintegration program,” said LandBank.

The program provides more benefits based on the specific needs of former rebels and their families, such as financial assistance, housing, education, skill training, healthcare, and legal assistance, among others.

SOURCE: Business World