State-led Land Bank of the Philippines (LandBank) over the weekend announced a P5-billion credit program to provide financial assistance to local government units (LGUs) and tourism enterprises to boost tourist facilities and services.
Under the Tourist Infrastructures and Services Mobilization Lending Program, LGUs can borrow 100% of the total project cost requirement, provided it is not more than its net borrowing capacity.
The Department of Trade and Industry defines small enterprises as those with total assets worth P500,001 to P5 million; medium from over P5 million to P20 million; and large from over P20 million. Short-term loans for working capital will be payable up to a year, while term loans for permanent working capital are payable up to five years.
Meanwhile, team loans for the acquisition of tourist transport facilities and units are payable based on cash flow but should not exceed seven years, or the economic useful life of the facilities inclusive of a six-month grace period.
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