Landbank JBIC campaigns for transfer of Dredging Machine Loan

Japan Bank for International Cooperation has given LandBank an allocation of 3billion pesos to be used for flood mitigation, waste management, water systems, drainage, sewerage and other environmental impact projects loan that could be availed by local government units thru LandBank. As of present, the city government has an outstanding loan of 37million pesos for the procurement of a dredging machine. It is part of the 319million loan taken from the regular loan from LandBank with a floating interest of 10.2% plus other bank charges which is reviewed quarterly. The JBIC Team is offering the city an option of a fix 11% per annum inclusive of all bank charges for five years. If the city takes this offer, it shall be protected from any fluctuations in the lending rates of banks.