Land Bank of the Philippines (LANDBANK) President and CEO Cecilia C. Borromeo paid a courtesy visit to Department of National Defense (DND) Senior Undersecretary and OIC Jose C. Faustino, Jr. to express the Bank’s continued support for plans and programs towards national security.
The two officials discussed potential areas of collaboration to enhance the agency’s operational efficiency, as well as prioritize the banking needs of Filipino soldiers, personnel, veterans and pensioners through digital banking and treasury services, among others.
Borromeo personally expressed gratitude to Faustino and DND, for providing the necessary security and transportation to LANDBANK personnel during the distribution of financial assistance in remote and risky areas.
The meeting was also attended by LANDBANK Senior Vice Presidents Celeste A. Burgos, Randolph L. Montesa, Marilou L. Villafranca, and Ramon R. Monteloyola, along with other senior Bank officials.
LANDBANK currently serves the banking needs of DND, including payroll service and salary loans for employees, and convenient digital payment to suppliers through the LANDBANK Bulk Remittance System (LBRS), among others.
In April of this year, LANDBANK strengthened its partnership with the Philippine Veterans Affairs Office (PVAO), an attached agency of the DND, with the signing of the amended Memorandum of Agreement (MOA) for the Direct Remittance Pension Servicing System (DRPSS) to better service Filipino veterans and pensioners.
Under the amended MOA, LANDBANK and PVAO have streamlined procedures for pension account opening and formalized the crediting of other PVAO benefits, such as medical and burial assistance, to the LANDBANK ATM accounts of pensioners.
LANDBANK also partnered with the Philippine Air Force (PAF) for the PAF Online Payment System (POPS) powered by the LANDBANK Link.BizPortal, to facilitate the efficient online payment of light and water utility dues, bidding document fees, trust receipts for the Air Force General Hospital, and rental fees for the PAF Aerospace Museum and concessionaires.
Through the POPS, PAF clients, which include creditors, suppliers, and PAF personnel and their family members, are now able to settle their financial commitments in a faster, secure, and convenient manner.
LANDBANK likewise supports the National Government’s Enhanced-Comprehensive Local Integration Program (E-CLIP), which aims to improve the livelihood of former rebels and extremists and their families by financing small businesses and agri-enterprises.
Under the LANDBANK Balik-Loob Lending Program (BLLP), former rebels, former extremists, and their cooperatives and associations can avail of loans to finance small businesses, such as sari-sari stores, furniture making, and tailoring, as well as agri-enterprises such as crop and livestock production, among others.
Eligible borrowers can avail up to 90% of the total project cost but not exceeding P100,000.00 per borrower, with an interest rate of 5% per year, payable up to one (1) year for short term loans and up to five (5) years for term loans.
As part of the ongoing contribution to the government’s peace-building efforts, LANDBANK has released a total of P1.5 million to 16 former rebels under the BLLP, as of end-September 2022.
