By CARRIE T. ASPA | 

SUBIC BAY FREEPORT – Government-owned Land Bank of the Philippines (LBP) has opened a financial assistance program for Micro, Small, and Medium Enterprises (MSMEs) that deliver goods and services within the Subic Bay Freeport Zone (SBFZ).

Chairman and Administrator Wilma T. Eisma of the Subic Bay Metropolitan Authority (SBMA) said Land Bank has partnered with the Subic agency to provide loan facilities to MSMEs and other logistics-focused companies as part of SBMA’s port marketing initiative.

SBMA initiated talks with the LBP as early as February last year to push for the loan facility and assist MSMEs operating in the Freeport, Eisma said.

Land Bank Subic Bay branch manager Edwin Manalo said MSMEs can apply for loans at the bank’s Zambales Lending Center that has recently transferred its office here from Dinalupihan, Bataan.

Processing time for MSME loans would take around 45 days after applicants completed the requirements, it was learned.

“As the number one government financial institution, Land Bank is always here to help the community on their financial needs. With the transfer of our Lending Center to Subic, we will be in a better position to help the public, especially MSMEs needing financial assistance,” Manalo added.

Land Bank is a universal bank owned by the Philippine government with a special focus on serving the needs of farmers and fishermen to help promote countryside development.

Zambales Lending Center manager Ma. Marita San Diego said this partnership with the SBMA is especially intended for corporations, private enterprises, cooperatives, as well as non-SBFZ companies that are accredited to deliver goods and services in the Freeport.

San Diego added that her office has already received several some applications, including that of a transport cooperative that proposes to field electric buses here to provide a cheaper alternative to the riding public.