IN LINE with supporting the fisheries sector, Land Bank of the Philippines (Landbank) is offering a new credit facility to assist existing and prospective commercial fishing operators in acquiring fishing vessels for domestic or overseas use.
Under the P2-billion Landbank Commercial Fishing Vessel Financing Program, eligible borrowers may loan up to 80 percent of the acquisition cost to purchase a brand-new, second-hand or refurbished commercial fishing boat and related equipment for their business.
"Landbank remains steadfast in supporting the fisheries sector. We are looking to cover the requirements for fishing vessels to assist more fishers in boosting their production and profit, and contribute to ensuring food security in the country," Landbank president and CEO Cecilia C. Borromeo said.
Eligible Program borrowers include commercial fishing operators from small and medium enterprises, cooperatives, and large enterprises.
Landbank will provide readily available and affordable credit at an interest rate of five percent per annum for three years, subject to re-pricing thereafter, payable up to 10 years.
Commercial fishing vessels refer to fishing boats, ships or watercrafts with gross tonnage (GT) of 3.1 and up. Object of financing must be in accordance with Maritime Industry Authority (Marina) standards as supported by a Marina Certificate of Ship Registry.
In addition, the boat to be financed should be in seaworthy condition, properly equipped with life-saving, communication, safety and other equipment, and operated and maintained in accordance with the standards set by Marina.
For more information about Landbank's Lending Programs, interested borrowers may contact the nearest open Landbank Lending Center or Branch nationwide, or call Landbank's customer service hotline at (02) 8-405-7000 or at PLDT Domestic Toll Free 1-800-10-405-7000. (PR)