In a statement, Landbank said the release of loans in line with the state-run lender’s commitment to sustainable development “as the country reels from the effects of changing global climates and shifting weather patterns.”
“As an industry leader in promoting environmental sustainability in the country, Landbank is at the forefront of supporting initiatives aimed at protecting our environment. We are looking to work with more customers and development partners towards a more sustainable future for the next generation, and beyond,” said Landbank president and CEO Cecilia Borromeo.
Other eligible projects include biofuel, hybrid renewable energy systems, such as hybrid electric or compressed natural gas, and the fabrication or manufacturing of renewable energy technologies, equipment and components, among others, the bank said. Eligible borrowers such as electric cooperatives, local government units , government-owned and controlled corporations , and government agencies may borrow up to 90% of the total cost of the project, according to Landbank.
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