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Saturday, July 13, 2024

LandBank backs Army co-op with P10-b credit line

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Land Bank of the Philippines (LandBank) extended a P10-billion rediscounting line to support the Philippine Army Finance Center Producers Integrated Cooperative (PAFCPIC) and its members serving in the Armed Forces of the Philippines (AFP).

The state-run bank expanded the cooperative’s previous P8-billion credit line to P10 billion to sufficiently augment working capital and enable PAFCPIC to better serve the financial requirements of its more than 190,000 members.

PAFCPIC’s membership consists of active and retired military and civilian personnel from the Philippine Army, Philippine Navy and Philippine Air Force as well as their immediate dependents.

“By boosting your financial resources and upgrading your operational efficiency through our digital solutions, we look to further improve your service delivery to your members and the entire armed forces community,” said LandBank president and chief executive Lynette Ortiz.

LandBank also pledged to support PAFCPIC’s digitalization efforts by onboarding the cooperative to the bank’s web-based payment platform, Link.BizPortal, which will streamline the collection of payments for its members’ capital contributions, deposits, and loans, thereby enhancing their operational efficiency.

“This milestone is a manifestation of almost three decades of business collaboration between PAFCPIC and LandBank, nurtured and nourished with trust and confidence. We are grateful for Landbank’s unwavering support, which has been instrumental in enabling us to better serve our members and their families,” said PAFCPIC chairman Francisco Paredes.

LandBank conferred PAFCPIC with the Distinguished Initiators and Movers of National Development (DIAMOND) Award last year for the co-op’s contributions to promoting countryside and national development.

The LandBank DIAMOND Award honors exceptional bank clients, fund management and digital banking partners that have made positive change in the communities they serve.

LandBank said it remains committed to providing robust financial solutions to cooperatives and its members nationwide towards promoting countryside to countrywide development.

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