DAVAO CITY – The municipality of Matanao in Davao del Sur will get P200 million worth of financial support from the Land Bank of the Philippines (LANDBANK) to fund recovery projects.
The municipality of Matanao signed six year term loan for the recovery efforts against the ongoing health crisis, and natural calamities such as frequent earthquakes that rocked the region,
The Matanao local government unit (LGU) availed of the financial recovery package under the Restoration and Invigoration Package for a Self-sufficient Economy towards UPgrowth (RISE UP) Lending Program, designed to provide the necessary funding requirements of provincial, city, and municipal LGUs to revive their local economy and recover from the adverse impact of the COVID-19 pandemic.
“We continue to encourage our LGUs to utilize their borrowing capacity to bolster local healthcare services and economic recovery programs. The LANDBANK RISE UP LGUs Lending Program provides for responsive and accessible financing for these requirements,” said LandBank President and CEO Cecilia C. Borromeo.
Part of the loan will bolster its healthcare services, which include maintenance of COVID-19 isolation and monitoring units, as well as temporary treatment facilities for residents infected by the corona virus.
The loan will also replenish funds used by the LGU to procure food and medical supplies that are distributed to the poorest and most affected members of the community who are mostly engaged in rice farming and banana cultivation.
Moreover, the loan package will also fund the construction of a public market building that will benefit small farmers and fishers, as well as micro, small and medium enterprises (MSMEs).
Mayor Vincent F. Fernandez said the LGU will strive to keep Matanao as one of the most competitive municipalities in the Davao Region.
“We are very thankful to LANDBANK for immediately responding to the urgent request of the LGU for assistance. Thank you for a decade of partnership. We hope that through this financial package with concessional terms, we can recover faster, not only from the damages brought about by the recent quakes, but also from this pandemic,” he said.