FILIPINO INVENTORS may now secure zero-interest loans through a lending program that would help them bring their patented technology to market, the Land Bank of the Philippines (LANDBANK) said.
Earlier this month, LANDBANK partnered with the Department of Science and Technology-Technology Application and Promotion Institute (DOST-TAPI) to launch the enhanced innovation and technology (I-TECH) lending program.
“At LANDBANK, we firmly believe that technology is a key driver of inclusive growth that opens doors to a better, more sustainable future for all. We believe in the potential of every Filipino innovator, and we are here to back that potential every step of the way,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said in a statement.
Under the updated program, eligible borrowers can now access up to 85% of the total project and 80% of land acquisition after the LANDBANK removed the P12.5-million loan ceiling.
It offers zero-interest loans via funding from the Invention Guarantee Fund (IGF), allowing it to be an off-book facility for LANDBANK.
LANDBANK will serve as the main lending channel for the program, while DOST-TAPI will manage the funding through the IGF.
The I-TECH lending program, first launched in 2017, provides financial support for the commercialization of patented Filipino inventions.
Its first version offers financing with a 5% interest rate, subject to annual review by the LANDBANK, and a 0% interest rate for inventions covered by the TAPI IGF.
According to LANDBANK, a total of P32.25 million in loans have been disbursed under the I-TECH lending program as of June 30.
The LANDBANK said the program’s revisions align with Republic Act No. 7459, the Inventors and Invention Incentives Act of the Philippines, aimed at supporting local innovators through financial and non-financial assistance. — Katherine K. Chan
