Land Bank of the Philippines said Wednesday it approved a P120-million loan to the municipal government of Tuburan in Basilan province to help it purchase various heavy equipment to speed-up construction and maintenance of farm-to-market roads and other crucial infrastructure projects.
The new equipment financed by the state-run lender will enhance the municipality’s road network and provide over 1,500 local farmers and fishers with improved access to agricultural technology and farm material inputs, plus reduced transportation costs for their produce.
Tuburan Mayor Jhaber Kallahal and LandBank senior vice president Charlotte Conde signed the loan agreement on May 23, 2024 in Zamboanga City.
The loan will support the local government’s strategic investments in promoting economic growth especially in the town’s underserved communities.
“LandBank stands ready to serve the growth needs of partner local government units to bankroll initiatives that stimulate economic activities. This complements our efforts in support of the agriculture sector and other key industries contributing to building inclusive and sustainable local communities,” said LandBank president and chief executive Lynette Ortiz.
The LGU will use the loan to purchase 10-wheeler dump trucks, 10-wheeler mixer trucks, wheel loaders, a hydraulic crawler excavator and a 10-wheeler self-loading truck.
This will help reduce operational costs associated with renting and subcontracting equipment for current and future construction projects across the town.
The municipal government said it requires logistics to maintain existing road networks and other infrastructure projects. The funding from LandBank will be crucial in addressing this need and advancing local growth, as Tuburan is an agricultural community with most of its land area dedicated to coconuts, rubber and cassava.
“LandBank’s commitment to fostering economic growth and development in our region is truly commendable. The funds provided will enable us to implement crucial projects and initiatives that will benefit our citizens and enhance the overall quality of life in our Municipality,” said Kallahal.
“We value the strong partnership we have built with LANDBANK over the years and look forward to work together towards our shared vision of a thriving and prosperous community,” he said.