INTERNATIONAL AWARDS. LandBank executive vice president Ma. Celeste Burgos (rightmost) receives the award from Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) chairman Saud A. Minam (center) and First vice chairman Kao Thach (leftmost) for the bank’s development project on rural electrification during the ADFIAP Sustainable Development Awards 2024 in Phnom Penh, Cambodia on May 16, 2024. The ADFIAP awards recognize member-institutions that have made important contributions to national development. (Photo credit to ADFIAP)
MANILA – State-run Land Bank of the Philippines (LandBank) recently received two international awards from the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) for its development projects on rural electrification and financial inclusion.
In a statement on Thursday, LandBank said its BRinging Inclusive Growth in every Household Through National Electrification Support Services (BRIGHTNESS) Lending Program, won in the Infrastructure Development category of the annual ADFIAP Awards.
The bank's support to ASA Philippines Foundation Inc.’s (ASA Philippines) credit expansion for underserved women earned a Merit Award in the Financial Inclusion category.
The annual ADFIAP awards recognize member-institutions that have made important contributions to national development.
The BRIGHTNESS Lending Program aims to expand energy access in barangays to spur growth and generate more economic activities in the countryside by providing financing assistance to qualified distribution utilities and wholesale power aggregators.
As of March 31, approved loans under the BRIGHTNESS Lending Program have reached PHP13.7 billion, supporting over 4.8 million households with reliable power supply.
The bank's support, meanwhile, enabled ASA Philippines to raise PHP5 billion through a five-year syndicated corporate notes facility.
The proceeds from the offer are aimed to reach and empower more women, particularly mothers, from economically disadvantaged sectors through the provision of accessible financing.
ADFIAP chairman Saud Minam, First vice chairman Kao Thach, and Second vice chairman Aria Putera Ismail presented the awards to the LandBank, represented by executive vice president Ma. Celeste Burgos, at the ADFIAP Sustainable Development Awards on May 16, 2024 in Phnom Penh, Cambodia.
“LandBank is honored to receive these prestigious awards from ADFIAP, which underscore our unwavering dedication to advancing sustainable and inclusive development. This recognition inspires us to continue empowering underserved communities, fostering economic growth, and enhancing quality of life for our valued clients," LandBank president and CEO Lynette Ortiz said.
The ADFIAP serves as the focal point of all development banks and other financial institutions engaged in development financing across the Asia-Pacific region, to advance sustainable development through its members. (PNA)
