By Aaron Michael C. Sy,Reporter
LAND BANK of the Philippines (LANDBANK) has extended a P10-billion rediscounting line to the Philippine Army Finance Center Producers Integrated Cooperative (PAFCPIC) and its members serving in the Armed Forces of the Philippines (AFP).
This was an expansion from the state-run lender’s previous P8-billion credit line which will allow PAFCPIC to better serve the financial requirements of its more than 190,000 members, the bank said in a statement on Tuesday.
“By boosting your financial resources and upgrading your operational efficiency through our digital solutions, we look to further improve your service delivery to your members and the entire armed forces community,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said.
LANDBANK and PAFCPIC signed the loan agreement on May 29.
“PAFCPIC’s membership consists of active and retired military and civilian personnel from the Philippine Army, Philippine Navy, and Philippine Air Force, as well as their immediate dependents,” LANDBANK said.
LANDBANK will also onboard PAFCPIC to the bank’s e-based payment platform Link.BizPortal to support the cooperative’s digitalization.
The platform will streamline the collection of payments of PAFCPIC members’ capital contributions, deposits, and loans.
“This milestone is a manifestation of almost three decades of business collaboration between PAFCPIC and LANDBANK, nurtured and nourished with trust and confidence. We are grateful for LANDBANK’s unwavering support, which has been instrumental in enabling us to better serve our members and their families,” PAFCPIC Chairman Brigadier General Francisco M. Paredes said.
LANDBANK said it will continue to provide financial solutions to cooperatives and its members nationwide to develop the countryside.
The lender’s net income rose by 11% in the first quarter to P12 billion, backed by increased interest income from loans.
