LANDBANK loans P67M to Quirino province for digital infra project
LAND Bank of the Philippines (LANDBANK) on Thursday said it approved a P67-million loan to the provincial government of Quirino to finance its digital infrastructure.
This brought the total loans released for COVID-19 recovery to P113 billion, covering 408 local government units as of Feb. 28, the state-run lender said in a statement.
Under the Restoration and Invigoration package for a Self-sufficient Economy towards UPgrowth for LGUs (RISE UP) program, the bank will finance Quirino’s procurement of an internet service provider, installation of towers, and other provisions.
It will also cover the installation of Wifi equipment for the provincial government, which is already underway, LANDBANK said.
LANDBANK said the Quirino LGU is prioritizing the installation of Wifi in schools, public markets, rural health units, municipal and barangay halls, and other public spaces.
“LANDBANK’s financing facility is a big boost to the initiatives of LGUs. It provides relief to struggling LGUs while we ramp-up our efforts to mitigate the impact of the pandemic,” Quirino Governor Dakila C. Cua said.
Once completed this year, students and residents will be able to access free internet with a speed of up to two gigabytes per second, LANDBANK said.
The RISE UP LGUs program allows local governments to borrow from LANDBANK to finance their development projects geared to rebuild their communities and economies.
The fund allocation for the program was increased to P150 billion, 15 times higher from P10 billion in 2020 to accommodate more LGUs, the bank said.
The program has also been extended to be made available until July 2025, it added. — Aaron Michael C. Sy
