News: Land Bank sets P11 B for LGU infra projects -
25 Feb 2008
ILOILO CITY — The Land Bank of the Philippines said that about P11 billion has been set aside for infrastructure projects of various local government units this 2008.
This in line with Landbank’s thrust of pursuing further its commitment to assist the local government units in the country in their development projects to enhance the delivery of basic services in their respective areas.
These infrastructure projects include the construction of a government center, farm-to-market roads, public markets as well as acquisition of heavy equipment.
For 2007, Landbank reported that it had extended a total of P27.1 billion to local government units nationwide to finance their major infrastructure projects that are aimed at improving the delivery of basic services and fast tracking local area development.
This represents a 12 percent increase compared to the P24.2 billion recorded in 2006.
Of the P27.1 billion, P17.4 billion financed agri-infrastructure and other agri-related projects such as farm-to-market roads, construction or repair of public markets, irrigation systems, sanitation and drainage and grain system centers.
The remaining P9.7 billion went to other development projects of local government units.
A total of 45 provinces, 73 cities and 530 municipalities availed of these loans.
Landbank president and CEO Gilda E. Pico said the steady growth in loans for LGU infrastructure projects affirms the bank’s position as the biggest source of development financing for local government units.
"We are targeting to further increase our LGU penetration rate in terms of loans over the medium term so we can also reach out to more unserved areas in need of financing," Pico said.
In her recent message at the Philippine Economic Briefing, President Gloria Macapagal Arroyo said she has ordered a surge in infrastructure projects through the frontloading of some P200 billion to provide the stimulus to the economy and overcome the fallout of the US recession. The Landbank further said it has also plans of launching a new credit facility for strong and qualified barangays. (PIA) Source: Manila Bulletin Online, 25 February 2008
Posted By: PhilCTTIS Data Center
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