LandBank releases P16 billion in cash aid to Philippines' poorest | ABS-CBN

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LandBank releases P16 billion in cash aid to Philippines' poorest

LandBank releases P16 billion in cash aid to Philippines' poorest

ABS-CBN News

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Updated Apr 16, 2020 09:56 AM PHT

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Magsaysay Avenue during the Baguio City Lockdown on April 15, 2020. Jonathan Cellona, ABS-CBN News

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.

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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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