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PIA Press Release

LBP releases P106 million for development projects

by EA Abasquez

San Jose, Antique (23 October) -- The Administration commits to exert more effort to meet all of the country’s commitments to the Millenium Development Goals (MDGs) as it welcomed the citation of the United Nations and the Asian Development Bank regarding the Republic of the Philippines as an “early achiever” in terms of meeting the MDGs.

The Government continues to initiate and implement more innovative and bold strokes to improve revenue collection and profitability such as the computer-assisted tax audit implementation.

The Administration’s rationalization plan is being pushed and reforms in the bureaucracy are being carried out with resolve to complement the present economic gains.

The Land Bank of the Philippines (LBP) Antique Branch has been at the forefront in countryside development, as expressed in the banks campaign “Layunin: Bayan Paunlarin”.

LBP chief Rudina D. Pastrana disclosed that from January to September 2006 a total amount of P106.00 million for financial assistance to priority sectors composed of small farmers and fisherfolks, small and medium enterprise (SMEs) local government units and cooperatives provincewide has been released.

An amount of P21.098 million and the P13.560 million was released to mime cooperatives and Rural Financing Institutions (RFIs).

The total amount released to LGUs was P53.20 million. Priority projects include water system, heavy equipment, public market, municipal building and school buildings.

The bank had likewise extended P2.420 million to three accounts for housing loans.

The priority sectors or beneficiaries undertake projects that fall under the category of the Ten-Point agenda, such as education and water for all barangays and housing programs in order to address poverty and hunger in line with the Millenium Development Goals.

The LBP’s support is vital to countryside development including the Agrarian Reform Beneficiaries, Pastrana concluded. (PIA) [top]

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