Countryside Loan Fund Programs CLF I, II, and III)
Program Title: Countryside Loan Fund Programs CLF I, II, and III)
Program Objectives: A wholesale credit facility from World Bank made available to Participating Financial Institutions (PFIs) for on-lending to eligible private investment enterprises:
- To provide financial support to the rural economies to emerge stronger from the financial crisis and resume sustained rapid economic growth in the near term;
- To support the government in its effort to alleviate rural poverty by accelerating private investments in the countryside to boost productivity, generate employment, and raise income;
- To provide further assistance through additional short, medium, and long term financial resources for viable investments in the rural areas; and
- To generate foreign exchange awareness or savings to improve the country's balance of payment position.
Eligible PFIs:
- Commercial Banks/Unibanks.
- Rural Banks.
- Thrift Banks.
- Non-bank financial institutions.
Eligible Sub-Borrowers:
- Sole Proprietorships
- Partnerships
- Corporations (at least 70% Filipino-owned)
- Cooperatives/Associations
Eligible Projects:
- Agriculture and agri-related productive activity;
- Food and agro-processing venture;
- Manufacturing activity that generates employment/export;
- Product distribution activity/Trading;
- Service-oriented project that supports economic activity;
- Environmental protection project;
- Tourism-related project; and
- Property development project:
- CLF I & II - Industrial Estate Development.
- CLF I, II, & III - Socialized and Low Cost Housing Projects, Commercial Building for lease with a gross/total floor area of not more than 15,000 sqm., including parking and other areas.
Note: Projects for funding under the CLF Programs must comply with all the laws and regulations of the Philippines related to environmental protection.
Eligible Sub-Project Location:
- CLF I & II - Nationwide; sub-projects located in NCR should be engaged in agriculture and agri-related activities.
- CLF III - Nationwide; sub-projects located in Cebu City and NCR should be engaged in agriculture and agri-related activities.
Loan Purposes:
- Working Capital - initial or incremental;
- Fixed Asset Investment - construction, expansion, or rehabilitation of productive facilities excluding land purchase; and,
- Special Financing Package - any or combination of the following:
- Extension of maturity or grace period of existing loan, conversion of existing dollar loan to peso loan
- Cost overruns due to price escalation/peso depreciation
Terms/Requirements:
Amounts:
- CLF I & II (Peso) - Maximum of P300.0 Million (subject to fund availability).
- CLF III (Peso & US Dollar)
- Maximum of P100.0 Million (SME, Non-SMEs provided engaged in agriculture, agri-related business, and environmental protection activities).
- Maximum of P50.0 Million (all other eligible sub-projects).
Interest Rates:
- LANDBANK to PFIs
- Variable Rate - Based on Weighted Average Interest Rate of 91- day Treasury Bills or floor price, whichever is higher.
- Fixed Rate - prevailing variable rate plus a premium based on the remaining term of loan (over 1 year to 5 years - 1%; overS years- 2%)
- PFI to Sub-borrower - As negotiated between PFI and the sub-borrower
Maturity / Repayment: Monthly or Quarterly payments.
Security: Loans shall generally be secured by tangible collaterals (i.e., Real Estate/Chattel Mortgage, Mortgage Trust Indenture, Holdout on deposits, etc.) or acceptable guarantees consistent with current banking practices, pertinent laws and BSP regulations.
Contact Details:
Wholesale Lending Department
Phone: (02) 405-7338/7239, (02) 551-2200 locals 2468, 7338 2797, 7239, or 2707
Fax: (632) 528-8523
e-mail: plg@mail.landbank.com
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