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Thursday, March 13, 2003
Teves hits low bank borrowings in NegOr
By Adrian Sedillo
THE Land Bank of the Philippines (LBP) in Negros Oriental may be a persistent net saver, but it has not served its purpose of extending loans to cooperatives and business organizations, lamented LBP president Margarito Teves.
Teves, former representative for the third district of Negros Oriental, expressed his displeasure at a breakfast conference in his family house in Dumaguete City Saturday.
"This is not a good development," the former solon told members of the press.
Last year, he said, LBP received deposits averaging P1.4 billion daily, but the average amount loaned out was only P311.7 million.
Teves explained that he does not want funds that are not loaned out transferred to other provinces.
Because of the discrepancy, the LBP encouraged cooperatives, entrepreneurs and big business groups to avail of the bank's lending program and shortened the processing time of loan applications from 75 days to 30 days.
Moreover, the bank president said, LBP has given its provincial and regional branches more authority to clear loans in the branch level without further referring loan applications to the head office.
Under the new scheme, a branch manager may now approve loan applications for P2 million from the previous P1 million, the regional manager up to P5 million from the previous P3 million, and the group head of all banks in a region up to P15 million from the previous P10 million.
Meantime, Teves said, LBP has set up the People's Credit and Finance Corporation (PCFC) to give access to small organizations, accredited rural banks in towns or cities that have no LBP branches, and extended P1.6 billion to Quedancor.
LBP has branches only in Guihulngan and the cities of Bais, Bayawan and Dumaguete.
(March 12, 2003 issue)
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