State-owned Land Bank of the Philippines (LandBank) launched a new loan facility that offers financial assistance to pensioners and government employees.
In a statement Thursday, LandBank said the Pension and Emergency Relief (PeER) loan facility allows borrowers to secure PHP20,000 to PHP100,000 loans for emergency expenses, medical needs and other urgent financial requirements.
The interest rate will be 10 percent per annum.
The loan facility has two options: the pension loan offered to qualified clients with LandBank pension accounts, and the emergency relief loan which is available to regular government employees with LandBank payroll accounts and at least one year of service.
LandBank said interested clients can apply at any branch or by contacting the bank’s customer service hotline.
“We are committed to expanding our accessible services for our diverse clientele, including financial relief during critical circumstances,” said LandBank President and Chief Executive Officer Lynette Ortiz.
“The new PeER Loan Facility provides timely financial assistance tailored to help them in times of urgent need,” she added. (PNA)
