LANDBANK rolls out SAP, relief packages for Bayanihan Law with zero service/handling charges

BUSINESS
April 21, 2020

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The Land Bank of the Philippines (LANDBANK) supports government agencies in the distribution of various social protection programs to poor households most affected by the ongoing Enhanced Community Quarantine (ECQ) brought about by the COVID-19 threat.
    
In partnership with the Department of Social Welfare and Development (DSWD), LANDBANK released cash grants totaling P16.34 billion to 3,721,833 Conditional Cash Transfer (CCT) household-beneficiaries nationwide. The amount of P3,650 to P6,650 per beneficiary was credited to their LANDBANK Cash Cards.
    
Also together with the DSWD, the Department of Transportation (DOTr) and the Land Transportation and Franchising and Regulatory Board (LTFRB), LANDBANK started distributing to 18,602 Transport Network Vehicle Service (TNVS) drivers in the National Capital Region amounting to P 148.816  million with each driver receiving P8,000 to help tide them over in these difficult times. 
    
Under the COVID-19 Adjustment Measures Program (CAMP) of the Department of Labor and Employment (DOLE), a total of P1.2 billion in financial assistance will be released to an initial batch of 250,000 beneficiaries from 2,773 private companies at P5,000 per worker. LANDBANK has already started releasing to the workers from the National Capital Region. It is also working with DOLE on the cash assistance for displaced land-based and sea-based OFWs due to COVID 19 pandemic under the DOLE AKAP for OFWs Program.
    
Meanwhile, through the Financial Subsidy to Rice Farmers (FSRF) of the Department of Agriculture (DA), LANDBANK has started releasing to 52,043 small rice farmer totaling P260.215 million at P5,000 per farmer.  LANDBANK will continue releasing to the remaining farmers in the coming days.
    
Likewise, the social amelioration funds from DSWD to local government units (LGUs) have already been released through LANDBANK to DSWD and the Bureau of Treasury (BTr) Regional Offices for release to the LGUs.
    
“LANDBANK is one with the national government in carrying out urgent measures to support our people as we collectively respond to the COVID-19 pandemic. This includes the immediate delivery of social protection interventions and much-needed financial relief during these difficult times,” LANDBANK President and CEO Cecilia C. Borromeo said.
    
LANDBANK also clarified that it is not charging or collecting any service or transaction fee in its SAP partnerships with the DSWD, DOTr, LTFRB, DOLE and DA. Aside from this, withdrawal in any LANDBANK Branch or ATM is free of charge. Likewise, online fund transfers thru InstaPay and PESONet are also free of charge during the ECQ period.
    
These LANDBANK programs were introduced in partnership with government agencies after it was designated as the disbursement arm of the Social Amelioration Program (SAP) of the government for the implementation of Republic Act No. 11469 or the “Bayanihan to Heal as One Act.”
    
This is in compliance with Joint Memorandum Circular No. 1, Series of 2020, which specifies the guidelines for the provision of social amelioration measures, jointly issued by the Department of Social Welfare and Development, Department of Labor and Employment, Department of Trade and Industry (DTI), Department of Agriculture, Department of Finance (DOF), Department of Budget and Management (DBM), and Department of the Interior and Local Government (DILG).
    
Last month, LANDBANK rolled out relief packages to clients in the form of payment moratoriums. For credit cardholders and salary loan borrowers, as well as mortgage and housing loans, there is a 60-day grace period for payments falling due from March 18 to April 30, 2020, and a 30-day grace period for business loans and project finance loans for the same period. Loan amortizations of Agrarian Reform Beneficiaries were also granted a one-year moratorium.
    
For details and updates, please refer to the official LANDBANK social media accounts   @landbankofficial (Facebook and Instagram), @LBP_Official (Twitter), and www.landbank.com.


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