MANILA, Philippines—Two government financial institutions (GFIs) have been fortified with a total of P40 billion in additional equity for lending to businesses hit hard by the pandemic-induced recession.
The Department of Budget and Management (DBM) approved on Feb. 4 and then issued on Tuesday (Feb. 10) a special allotment release order (Saro) amounting to P27.5 billion to the state-run Land Bank of the Philippines (Landbank).
The DBM said the Saro for Landbank was “the national government equity contribution to support loan programs for beneficiaries affected by the COVID-19 pandemic pursuant to Republic (RA) Act No. 11494” or the Bayanihan to Recover as One Act.
Last Feb. 5…
Keep on reading: Landbank, DBP get P40-B equity for lending to recession-battered firms