Land Bank of the Philippines or Landbank, is a government-owned bank that has a large network in rural areas. Landbank actively helps by serving the needs of farmers and fishermen. Also, Landbank have created Ferry Boat Inclusive Program (FBIP) in 2017 which caters to interested clients to wishes to get involved in the ferry boat business.
Recently, Landbank has granted P135 million pesos in loans to Caticlan Boracay Transport Multi-Purpose Cooperative (CBT-MPC) for the modernization of ferry boats in Boracay.
The allocated funds will be used for upgrading wooden boats to fiber glass. Currently, the cooperative have a total of 58 boat vessels and only 9 are steel-hulled or made of fiber glass.
The aim of the loan is to help boat-owners and boatmen to increase their income and provide livelihood as crew members are expected to be hired. Also, the boats will be able to provide a more comfortable and safer ride to Boracay tourists, residents and workers alike.
Landbank with FBIP, hopes to contribute to the improvement of agricultural value chain by assisting in safe delivery of fresh goods to the market that require inter-island transportation while promoting modern maritime fleet for the safety and convenience of agri-aqua development players in the country.
Sources: The Phillipines Star, wikipedia, landbank.com