The state-run Land Bank of the Philippines said over the weekend that it had approved more than 100 billion pesos in loans for 365 local government units nationwide by the end of January 2022, in line with its commitment to accelerate the recovery of local economies and communities affected by the pandemic.

Through its RISE-UP LGUs (Restoration and Invigoration package for a Self-Sufficient Economy into UPgrowth for LGUs) loan program, the bank provides loans to provincial, city and municipal governments to fund response intervention projects and recovery from COVID-19.

Eligible projects authorized under the RISE UP LGUs include the purchase of agricultural products, the acquisition of equipment and the construction of facilities to connect the products to the market, including other programs and projects of the LGU that provide basic and support services, social protection, health care and other infrastructural activities.

Since its launch in July 2020, the program has been widely accepted by LGUs that the public bank has increased its fund allocation to 150 billion pesos, which is 15 times more than the initial fund of 10 billion pesos.