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PIA Press Release

LandBank joins climate change 'battle'

by Jemin B. Guillermo

Roxas City (24 February) -- To help address the effects of climate change, the Land Bank of the Philippines signed a loan of agreement with the Kreditanstalt fur Wiederaufbau (KfW) of Germany.

The said agreement covers some EUR 20 million or P1.2 billion loan for re-lending to eligible sub-borrowers under the Credit Line for Energy Efficiency and Climate Protection (CLEECP) project, the LANDBANK online news disclosed.

The CLEECP project may finance any of the following projects, namely, reduction of primary energy such as diesel, coal or gas; consumption and direct greenhouse gas emissions like replacement, retrofitting, or energy efficient modernization of CFC, HFC and HCFC chillers.

In addition, it may also fund the installation or energy efficient modernization of biomass cogeneration facilities as well as replacement or energy efficient modernization of machinery and equipment powered by primary energy resources.

Borrowers can access long-term loans of up to 10 years at a concessional fixed interest rate for a period of up to 10 years, the LANDBANK said.

According to LANDBANK President and Chief Executive Officer Gilda Pico, the loan facility is available nationwide with at least 50 percent of the overall loan amount targetted for projects in the Visayas and Mindanao.

Pico stressed that the eligible sub-borrowers under the program are private sector companies and entities which include sole proprietorship, partnership, corporations which are at least 70% Filipino-owned, cooperatives and associations.

She added that local government units (LGUs) and government-owned and controlled corporations (GOCCs) are also qualified to avail of the CLEECP facility.

We are pleased to partner with KfW on this project that will help address the effects of climate change, she said, adding that it is in line with LANDBANK's priority program for energy efficiency and environmental protection. (PIA) [top]

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