LANDBANK launches new program to boost local tourism

As travel restrictions ease up, the Land Bank of the Philippines (LANDBANK) has launched a new credit program to support government efforts to revitalize local tourism in the country.

The Tourist Infrastructures and Services Mobilization (TOURISM) Lending Program aims to provide financial assistance to local government units (LGUs), and tourism enterprises accredited with the Department of Tourism (DOT) to help them re-establish and improve their tourist facilities and services.

LANDBANK has allocated an initial program fund of P5 billion to finance access projects to tourist destinations like airports, sea ports, transport terminals, roads and bridges, communication utility and IT projects, water and power utility projects.

Eligible projects include primary tourism support facilities, infrastructures and services like hotels, resorts, automation and digitalization of tourism services by travel agencies, facilities for meetings and conferences; secondary tourism projects like restaurant, adventure facilities, shopping malls, ambulatory clinics and spa; and tertiary hospitals among others.