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)

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