LandBank expands rural electrification
LandBank on Thursday said it already released P13.7 billion as of end-March to energy distributors and wholesale power aggregators to electrify communities in the provinces
LandBank executive vice president Ma. Celeste Burgos (rightmost) receives the award from ADFIAP chairman Saud Minam (center) and First Vice chairman Kao Thach (leftmost) for the bank’s development project on rural electrification under the Infrastructure Development category during the ADFIAP Sustainable Development Awards 2024 in Phnom Penh, Cambodia on 16 May 2024.
Photograph courtesy of ADFIAP
State-owned Land Bank of the Philippines (LandBank) has helped over 4.8 million households in rural areas obtain stable energy supply.
LandBank on Thursday said it already released P13.7 billion as of end-March to energy distributors and wholesale power aggregators to electrify communities in the provinces.
The bank realizes the goal through its Brightness lending program or the Bringing Inclusive Growth In every Household Through National Electrification Support Services Program which was launched in 2013.
Due to this program, LandBank said it received the award for infrastructure development from the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) last 16 May in Cambodia.
Apart from this, ADFIAP awarded LandBank for financial inclusion through its partnership with ASA Philippines, a non-profit microfinance group.
LandBank, together with BDO Capital & Investment Corp., arranged the issuance of P5-billion gender bonds to help ASA finance businesses owned by Filipino mothers under its “Project Nanay First.”
The funds are part of ASA’s five-year corporate notes issuance and the first first gender bonds in the country.