State-owned Land Bank of the Philippines is extending P1 billion worth of loans to the local government of Sarangani to fund its various development projects.
Landbank President and CEO Cecilia Borromeo and Sarangani Governor Rogelio Pacquiao signed the term sheet for the proposed loan last January 19 at the Grand Summit Hotel in General Santos City.
Sarangani Vice Governor Elmer De Peralta, Provincial Administrator Ryan Jay Ramos, together with Landbank Senior Vice Presidents Ma. Celeste Burgos, Leila Martin, Charlotte Conde, and Camilo Leyba, and Vice President Eden Japitana were present during the signing ceremony.
“Landbank fully supports the vision for Sarangani Province to have a self-sustaining and globally competitive economy. Together, let us continue to explore more avenues for collaboration, in the service of your constituents, and the nation at large,” Borromeo said.
Of the total amount, Sarangani is spending P500 million for the acquisition of several heavy equipment, P200 million for hospital and medical equipment, and P300 million for the establishment of the Provincial Agri-Fisheries Complex.
“My heartfelt appreciation and gratitude to Landbank for gladly opening its doors, once again, to the Provincial LGU of Sarangani with its proposal to raise as much as P1 billion to fund the province’s programs and projects,” Pacquiao said.
The governor added that the funding support will “fuel the work of the provincial 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.”
Likewise, the government financial institution and the local government of Sarangani signed a memorandum of understanding (MOU) for the use of Landbank’s electronic payment channel.
Through the Landbank Link.BizPortal, Sarangani residents can now digitally pay for fees, dues, and charges to the provincial government in real-time and at their convenience with just a few clicks on their computers or mobile devices.
The Provincial Government of Sarangani joins 1,136 government and private partner merchants nationwide that have been enrolled in the LinkBizPortal system, as of end 2022.
The portal facilitated 5.8 million transactions with value of P11.6 billion last year, representing increases of 49 percent and 11 percent, respectively, year-on-year.
