LandBank approves P200-million loan for Calayan, Cagayan LGU

State-run Land Bank of the Philippines on Sunday said it has approved a 15-year, P200-million loan for the municipal government of Calayan in Cagayan to fund infrastructure for development and recovery efforts.

According to the LandBank, the financing will issued through its Restoration and Invigoration Package for a Self-sufficient Economy towards Upgrowth for LGUs (RISE UP).

Part of the funds will be used to put up a 270-square meter quarantine facility that will be established in Barangay Dadao, in a bid to boost its healthcare capacity in line with efforts to contain the spread of COVID-19.

The facility will have a 60-bed capacity, which will replace schools being used as isolation areas for residents suspected to have the virus, and will be a designated facility for patients undergoing quarantine or treatment.

It will also include the financing for a perimeter security fence for the Calayan community airport, which facilitates the delivery of vaccines and relief goods to the island.

“LandBank continues to provide for the recovery and development requirements of our partner LGUs in response to the pandemic,” said President and Chief Executive Officer Cecilia Borromeo.

“We are focused on ramping-up initiatives in support of building resiliency and revitalizing local communities,” she added.

The lending program will also cover the acquisition of a patrol boat and the construction of six classrooms and one school administrative building, along with a 100-meter bridge in Barangay Naguilian.

LandBank said it has so far provided P94.03 billion in loans under its RISE UP LGUs Lending Program, covering 346 local government units.

LandBank is mandated to promote countryside development while remaining financially viable. It implements the comprehensive agrarian reform program (CARP), provides assistance to small farmers and fisherfolk, and serves as an official depository of government funds. — BM, GMA News