Skip to main content

LBP introduces tourism lending program to boost economic growth

 

Land Bank of the Philippines Cebu North Lending Center Vice President Eulalio Lagapa Jr. speaking during the Kapihan on April 19. (PIA7)

CEBU CITY, Cebu, April 19 (PIA) -- Land Bank of the Philippines (LBP) has introduced a new lending program to boost and revive the tourism sector of the country.

Following the government’s thrust to support tourism and improve the economy, the tourism lending program by the LBP backs up local government units in their plans for tourism improvement. 

LBP, Cebu North Lending Center Vice President Head Eulalio Lagapa Jr. disclosed during the Kapihan on April 19 that the program can finance destination infrastructure development projects such as airports, seaports, bridges, water supply systems, and waste management projects.

Accommodation facilities like hotels and resorts, travel and tour services, tour guide services, and tourism-related transport including Public Utility Vehicle (PUV) purchases, restaurants, spas and malls can also be financed.

Aside from the LGUs, the program can be availed also by small and medium enterprises (SMEs), cooperatives, corporations, and associations provided that they have tourism accreditation and other pre-processing requirements.

LBP has initially allocated P5 billion for the program.

The LGUs could avail 100% of the loan, while SMEs could avail 80% and the corporations stand at 75%.

A Special Package for Environment-Friendly and Efficiently Driven PUVs or SPEED-PUVs lending program was also introduced with the aim of providing safe, efficient, and environmentally sustainable mode of transportation in the country and livelihood for the transport groups.

Public transport cooperatives and corporations can now borrow up to 95% of the acquisition price while the remaining 5% would go to the equity plus an additional P160,000 subsidy will be given from the government.

The loan could be paid up to 7 years at an affordable interest of 6% per year or 0.5% per month.

Lagapa added that as of Jan. 31, LBP has already released a total of P6.9 billion to 144 transport cooperatives and corporations nationwide under the SPEED-PUV program.

LBP has continually supported fishers and farmers also through their lending programs for agricultural and fishers financing, poultry and swine lending and commercial vessels financing programs. (MYP/PIA7) 

Labels:

Comments

Post a Comment

Popular posts from this blog

DepEd7 installs new schools superintendent in Dgte

  (l-r) Department of Education Region 7 Director Salustiano Jimenez, Dr. Juditha Mapue, Dr. Casiana Caberte, Mayor Felipe Antonio Remollo, and Assistant Regional Director Atty.. Fiel Almendra during the installation rites of the new schools division superintendent in Dumaguete City. (Contributed photo) DUMAGUETE CITY, Negros Oriental, April 17 (PIA) -- Department of Education (DepEd) Region 7 Director Salustiano Jimenez led the installation of Dr. Caisana Caberte as the new schools division superintendent of Dumaguete City. Caberte, who was previously assigned at the Bohol Division, will replace Dr. Gregorio Cyrus Elejorde who is now promoted as Assistant Regional Director of Region 9 based in Pagadian City.   Dumaguete City Mayor Felipe Antonio Remollo welcomed and congratulated Caberte during her official inauguration in a simple rite in the city.      Caberte was a curriculum specialist and a textbook evaluator at the Bohol Division and has been a recipient ...
Post a Comment
Read more

PRESS RELEASE: Smart’s ‘School-in-a-Bag’ reaches last-mile schools in NegOr

  DepEd Secretary hails education as 'solution' More remote schools have been reached by Smart Communications, Inc.’s mini portable classroom School-in-a-Bag, bringing learning technologies to far-flung areas to help facilitate quality basic education in last-mile schools. Among these schools is Dobdob Elementary School (ES) which is situated in the farthest barangay in Valencia, Negros Oriental. It is 80 kilometers from the town proper and is only accessible by 4-wheel drive vehicles. Dobdob ES has a total of 128 students, most of whom are children of farmers. These students often arrive with their shirts drenched in sweat, because they help their parents on the farm before coming to school. But despite that, they still come to class with great vigor and enthusiasm. Leah Apenas, head teacher of Dobdob ES, shared the different struggles she and her colleagues, most especially the students face in the mountain school. “Every time there’s a heavy downpour, students skip classes d...
Post a Comment
Read more

OCD-7: ‘Only OCD can hold incident command system trainings’

  OCD-7 Regional Director Joel Erestain speaking during the 13th episode of the ‘Kapihan sa Bagong Pilipinas’ program held in Cebu City. He emphasized that only OCD is accredited to conduct trainings on Incident Command System. (PIA-7)  CEBU CITY, CEBU (PIA) — Only the Office of the Civil Defense (OCD) can conduct training on the Incident Command System (ICS). This was emphasized by OCD-7 regional director Joel Erestain during the 13th episode of the Kapihan sa Bagong Pilipinas on Aug. 20 in Cebu City.  As the executive arm of the National Disaster Risk Reduction and Management Council (NDRRMC), OCD conducts ICS trainings, which is a standardized approach to managing emergency responses and disasters. “So kung mayro’ng mga iba na nagsasabi na nagte-train daw, hindi po sila accredited. Lalong lalo na nagkaroon tayo ng Civil Defense Training Institute, walang ibang pwedeng mag-train ng ICS, basic ICS, hanggang sa down the line,” said Erestain.  (So if there are people ...
Post a Comment
Read more