LAND BANK of the Philippines (LANDBANK) has approved a P1-billion loan for the Sarangani provincial government to fund development projects.
Sarangani will spend half of the money to buy heavy equipment, P200 million for hospital and medical equipment, and P300 million for the establishment of a provincial agri-fisheries complex, the state-owned bank said in a statement on Thursday.
The loan will “fuel the work of the Provincial local government unit (LGU) as we intensify our efforts in delivering more basic services to the people, as well as reach targeted goals for a more resilient, dynamic, and progressive Sarangani,” Governor Rogelio D. Pacquiao said.
Mr. Pacquiao and LANDBANK President and Chief Executive Officer Cecilia C. Borromeo signed the term sheet for the loan on Jan. 19, and the credit was approved by the bank’s board on Jan. 25.
“LANDBANK fully supports the vision for Sarangani Province to have a self-sustaining and globally competitive economy,” Ms. Borromeo said.
The lender also announced the signing of a memorandum of understanding with the provincial government for the use of Link.BizPortal, LANDBANK’s electronic payment channel.
Through the portal, Sarangani residents can digitally pay for taxes and other fees to the provincial government.
LANDBANK said its Link.BizPortal facilitated 5.8 million transactions amounting to P11.6 billion in 2022. — Aaron Michael C. Sy