Landbank of the Philippines logo. Handout

MANILA -- The Land Bank of the Philippines is offering a new kind of loan for pensioners and government employees.

Through its Pension and Emergency Relief (PeER) loan facility, Landbank said clients can get between P20,000 to P100,000 at a 10 percent yeraly interest rate.

The PeER Loan Facility offers two loan options: the Pension Loan, for those with Landbank pension accounts, and the Emergency Relief Loan, for regular government employees with Landbank payroll accounts and have been serving for at least one year. 

Landbank said customers can use these loans to pay for emergency expenses, medical needs, and other necessities. 

Borrowers can apply for the loan at any Landbank branch or call its customer service hotline at 02 8405 7000.

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In 2023, Landbank launched its OptiSaver, which offers tiered interest rates from 0.05 percent for deposits with an average daily balance range of P50,000 to P499,000.

Landbank unveils new deposit product with tiered interest rates

In October, Finance Secretary Ralph Recto said on Tuesday there are plans for two government financial institutions, namely the Land Bank of the Philippines and the Development Bank of the Philippines, to go public.

Recto eyes Landbank, DBP stock exchange listing