LandBank releases P16 billion in cash aid to Philippines' poorest

MANILA -- The Land Bank of the Philippines said Thursday it distributed P16 billion in cash aid to millions of poor families to help them cope with the COVID-19 lockdown.

The 3.7 million who received assistance are also beneficiaries of the government's conditional cash transfer program, said LandBank President Cecilia Borromeo.

State-run LandBank is also waiving penalties and interest during the lockdown period. Borrowers can apply for longer tenors on their loans, she said.

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