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LANDBANK loans reach P20-B for green energy projects
As the country reels from the effects of changing global climates and shifting weather patterns, state-run Land Bank of the Philippines (LANDBANK) has approved loans totaling P20.1 billion to 56 borrowers in support of local renewable energy projects as of 31 March 2022, underscoring the Bank’s commitment to sustainable development. Through the LANDBANK Renewable Energy Program, the Bank aims to finance the development of renewable energy sources and increase access to reliable, clean and sustainable power to help mitigate the effects of climate change in the country. “As an industry leader in promoting environmental sustainability in the country, LANDBANK is at the forefront of supporting initiatives aimed at protecting our environment. We are looking to work with more customers and development partners towards a more sustainable future for the next generation, and beyond,” said LANDBANK President and CEO Cecilia C. Borromeo. The LANDBANK Renewable Energy Program can finance renewable energy projects harnessing biomass, geothermal, solar, hydro, ocean, and wind power. Other eligible projects include biofuel, hybrid renewable energy systems, such as hybrid electric or compressed natural gas, and the fabrication or manufacturing of renewable energy technologies, equipment and components, among others. Aside from providing credit fund for working capital and for capital expenditures, loans under the Program can also be used to finance project preparation activities such as developing a feasibility study, detailed engineering design, and supporting assessment studies, as well as securing permits, licenses, and approvals. Eligible borrowers such as electric cooperatives, local government units (LGUs), government-owned and controlled corporations (GOCCs), and government agencies may borrow up to 90% of the total cost of the project. Cooperatives, associations and private borrowers categorized as single proprietorships, partnerships, or corporations may borrow up to 80%. Term loans for working capital and project preparation are payable up to five (5) years, with a six-month grace period on principal payment, while loans for capital expenditure are payable based on the borrower’s cash flow up to 15 years, with a three-year grace period. The interest rate shall be based on the prevailing market rate but not lower than 5% per annum. The Renewable Energy Program forms part of LANDBANK’s service to the nation in promoting environmentally sustainable programs to address climate-related concerns.
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LANDBANK cash cards reach 9.8-M CCT, UCT beneficiaries
LANDBANK Aparri Branch distributes cash cards to 435 CCT and UCT program beneficiaries from the islands of Babuyan and Dalupiri in the Municipality of Calayan, Cagayan. About 9.8 million beneficiaries under the major social protection programs of the Department of Social Welfare and Development (DSWD) can now receive government subsidies in a timely, safe and convenient manner, as the Land Bank of the Philippines (LANDBANK) continues to ramp up the distribution of cash cards across the country. As of 31 March 2022, the state-run Bank has provided LANDBANK Cash Cards to 4.4 million Conditional Cash Transfer (CCT) beneficiaries and 5.4 million Unconditional Cash Transfer (UCT) beneficiaries covering the Department’s Social Pension and Listahanan beneficiaries. “On top of ensuring the timely and safe disbursement of government subsidies to the country’s most vulnerable sectors, the distribution of LANDBANK Cash Cards advances our efforts to bring more Filipinos into the formal banking system. This forms part of LANDBANK’s contribution to the National Government’s inclusive and sustainable development agenda,” said LANDBANK President and CEO Cecilia C. Borromeo. CCT and UCT beneficiaries can use the LANDBANK Cash Cards to withdraw from LANDBANK Automated Teller Machines (ATMs) and Agent Banking Partners (ABPs) nationwide, as well as make cashless purchases in groceries and drugstores, among others. The LANDBANK Cash Cards were recently upgraded into transaction accounts to provide beneficiaries with wider access to an array of banking services, including cash card loading via LANDBANK branches, fund transfers through the LANDBANK Mobile Banking App, and cash-in via LANDBANK Cash Deposit Machines. In 2021, the Bank disbursed a total of P133.61 billion in cash grants to more than seven million CCT and UCT beneficiaries nationwide. LANDBANK remains steadfast in the fulfillment of its expanded mandate as the delivery arm for the National Government’s social protection initiatives, in line with servicing the country’s underserved and marginalized sectors.
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LANDBANK, PVAO expand services for veterans, pensioners
PVAO Administrator Lt. Gen. Ernesto G. Carolina (Ret.) (seated, center) and LANDBANK Senior Vice President Marilou L. Villafranca (seated, 2nd from left), together with representatives from other servicing banks, lead the signing of the amended Memorandum of Agreement (MOA) for the Direct Remittance Pension Servicing System (DRPSS) on 18 April 2022 at Camp General Emilio Aguinaldo in Quezon City. (Photo courtesy of PVAO) State-run Land Bank of the Philippines (LANDBANK) has strengthened its partnership with the Philippine Veterans Affairs Office (PVAO) to better service Filipino veterans and pensioners in the new normal. Under the amended Memorandum of Agreement (MOA) for the Direct Remittance Pension Servicing System (DRPSS), LANDBANK and PVAO have streamlined procedures for pension account opening and formalized crediting of other PVAO benefits, such as medical and burial assistance, to the LANDBANK ATM accounts of pensioners. PVAO Administrator Lt. Gen. Ernesto G. Carolina (Ret.) and LANDBANK North NCR Branches Group Head Senior Vice President Marilou L. Villafranca signed the amended MOA on 18 April 2022 at Camp General Emilio Aguinaldo in Quezon City. They were joined by PVAO Deputy Administrator Assistant Secretary Raul Z. Caballes and Finance Division Chief Ferdinand C. Palor, including representatives from other pension servicing banks. “LANDBANK’s renewed partnership with PVAO is centered on providing greater banking convenience to our customers. We put utmost importance on improving our operational efficiency and adopting more responsive solutions to respond to the evolving needs of pensioners and all our customers, especially in the new normal,” said LANDBANK President and CEO Cecilia C. Borromeo. The MOA also provides for the setting-up of a dedicated area for communication materials on veteran-related events to be maintained in every LANDBANK branch handling PVAO pension accounts. More than 60,000 Filipino veterans and pensioners who maintain pension accounts with LANDBANK, including accountholders with the former United Coconut Planters Bank (UCPB), are benefitting from the Bank’s improved branch network and a wide array of products and services. As of end-March 2022, LANDBANK has a total of 607 branches and 71 branch-lite units nationwide. Pensioners can also use the Bank’s network of 2,802 ATMs all over the country for the convenient and safe withdrawals of their pensions and other benefits.
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LANDBANK launches LANDBANKPay: the all-in-one mobile wallet
The Land Bank of the Philippines (LANDBANK) now offers a versatile mobile payment application which allows users to safely and conveniently pay bills, load up mobile phones and tollway RFID accounts, purchase online (e-Commerce), as well as transfer funds anytime, anywhere. LANDBANK unveiled the LANDBANKPay, an all-in-one mobile wallet in a virtual launch event on 22 April 2022, to further widen the access of customers to financial services and advance greater financial inclusion in the country. “The LANDBANKPay builds on our broader thrust of serving the nation through reliable and convenient digital banking. This is in line with LANDBANK’s full commitment to expand access to responsive and affordable financial products and services, especially for those residing in unbanked and underserved areas of the country,” said LANDBANK President and CEO Cecilia C. Borromeo. LANDBANKPay Features Initial registration in LANDBANKPay, which only requires a customer’s Mobile Number, full name, and birth date, opens a Small Wallet account with a maximum balance limit of P20,000. The LANDBANKPay Small Wallet account can be used to perform basic transactions, such as balance inquiry, buy load, bills payment to more than 800 government and private partner merchants enrolled in the LANDBANK Link.BizPortal, and cash-in via the LANDBANK Mobile Banking App (MBA), Link.BizPortal, LANDBANK Branches and Agent Banking Partners nationwide. Small Wallet accountholders can likewise request and receive funds from Full Wallet accountholders. Customers can upgrade to a LANDBANKPay Full Wallet account by providing basic demographic information, uploading a valid government-issued ID, and taking a “selfie” to confirm their identity. Full Wallet accountholders will enjoy an increased maximum balance limit of P50,000 and LANDBANKPay’s full array of features, which include cash-in and cash-out facilities, fund transfers, buying load, online purchases, local cash remittances through the LBPadala, bills payment to more than 800 government and private partner merchants enrolled in the LANDBANK Link.BizPortal, and linking of LANDBANK Credit and Prepaid cards. LANDBANKPay in PhilSys The LANDBANKPay was soft-launched in 2021 to provide National ID applicants who have smartphones their own transaction accounts, under LANDBANK’s co-location strategy with the Philippine Statistics Authority (PSA) for the PhilSys Project roll-outs. As of 31 March 2022, LANDBANK has onboarded more than 7.8 million PhilSys registrants in 70 provinces nationwide. The LANDBANKPay joins LANDBANK’s roster of major digital banking channels, which include the LANDBANK Mobile Banking App, weAccess, iAccess, Link.BizPortal, and the Electronic Modified Disbursement System (eMDS). The LANDBANKPay is free to download from the Google Play Store and iOS App Store for all users, even those without an existing LANDBANK account.
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LANDBANK Corporate Center opens in Urdaneta, Pangasinan
(left photo) Urdaneta City Mayor Julio F. Parayno III (5th from left), Pozorrubio Mayor Emma Zosima T. Chan (2nd from left), and LANDBANK President and CEO Cecilia C. Borromeo (4th from left) lead the inauguration of the LANDBANK Pangasinan Corporate Center (right photo) located along MacArthur Highway in Brgy. Nancayasan, Urdaneta City. Joining them are Pangasinan Provincial Treasurer Marilou E. Utanes (7th from left), LANDBANK Executive Vice President Julio D. Climaco, Jr. (6th from left), and LANDBANK Senior Vice Presidents Ma. Celeste A. Burgos (leftmost), Ma. Belma T. Turla (3rd from left), and Filipina B. Monje (rightmost). URDANETA CITY, Pangasinan – The Land Bank of the Philippines (LANDBANK) officially inaugurated a three-story corporate center along MacArthur Highway in Brgy. Nancayasan, Urdaneta City to serve as a one-stop shop for the banking and financing needs of Pangasinenses. The LANDBANK Pangasinan Corporate Center houses the LANDBANK Urdaneta Branch, which services customers from the combined 136 barangays of Urdaneta City and the municipalities of Villasis, Asingan, Manaoag and Pozorrubio. This is complemented by the LANDBANK Pangasinan Lending Center, which provides financing for agricultural production, working capital, and acquisition of equipment, among others. Urdaneta City Mayor Julio F. Parayno III, Pozorrubio Mayor Emma Zosima T. Chan, and LANDBANK President and CEO Cecilia C. Borromeo led the inauguration rites for the LANDBANK Pangasinan Corporate Center on 08 April 2022. They were joined by Pangasinan Provincial Treasurer Marilou E. Utanes, Asingan Mayor Carlos F. Lopez, Jr., LANDBANK Executive Vice Presidents Julio D. Climaco, Jr. and Alex A. Lorayes, and Senior Vice Presidents Ma. Celeste A. Burgos, Randolph L. Montesa, Ma. Belma T. Turla, and Filipina B. Monje. “The inauguration of the LANDBANK Pangasinan Corporate Center, at the heart of Urdaneta City, underscores our commitment to support the ongoing recovery and sustained economic growth of Pangasinan. This serves as a one-stop shop, offering a wide array of services to our customers and development partners including LGUs, government agencies, MSMEs, farmers and fishers, and rural banks,” said President and CEO Borromeo. Meanwhile, Mayor Parayno was appreciative of LANDBANK’s continuous support to the City Government of Urdaneta. “I hope that LANDBANK will be able to continue their purpose of country-wide development [through] every local government unit here in the Philippines,” he said. Other LANDBANK field offices are also stationed in the LANDBANK Pangasinan Corporate Center, such as the North Luzon Branches Group, Pangasinan Accounting Center II, Agrarian Operations Center III-Satellite Office, Property Valuation and Credit Information Department–Pangasinan Field Team, Area Legal Unit I, Field Legal Services I, and the Loan Operations Field Unit-Pangasinan Field Team. As of end-March 2022, LANDBANK has a total of 18 branches and branch-lite units, one (1) lending center, and 88 automated teller machines (ATMs) across Pangasinan, delivering a wide array of banking services for Pangasinenses, as part of LANDBANK’s thrust of serving the nation.
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LANDBANK vows full commitment to ‘serving the nation’
The Land Bank of the Philippines (LANDBANK) unveiled a new brand promise of ‘Serving the Nation,’ embodying its full commitment to assist various sectors of the economy and help contribute to the country’s collective recovery. In a virtual launch held on March 28—streamed live on LANDBANK’s Facebook Page (@landbankofficial) and YouTube Channel (/landbankofficial)—LANDBANK highlighted its expanded and unique role in providing intensified support to the country’s agriculture sector alongside serving the requirements of key development industries. “Through the years, LANDBANK has fully transformed into a development-oriented institution. Aside from being the biggest credit provider to the agri sector, LANDBANK is serving as a vital partner of the National Government in advancing its inclusive development agenda,” said LANDBANK President and CEO Cecilia C. Borromeo. As of 31 December 2021, LANDBANK’s agricultural loans reached P247.85 billion assisting over 3.2 million small farmers and fishers nationwide through regular loan programs, including special lending programs administered for the Department of Agriculture (DA) and the Department of Agrarian Reform (DAR). The Bank also extended P68.9 billion in outstanding loans to local government units (LGUs) as of end-December 2021—largely for agri-aqua projects, transportation, and healthcare initiatives—making LANDBANK the biggest development partner of the LGU sector in accelerating inclusive local development. LANDBANK’s financial support over the years have resulted in the delivery of various basic services and infrastructure facilities across the country, including the construction and improvement of 23,825 kilometers of farm-to-market roads, 239 hospital buildings, 20,153 hospital beds, 788 school buildings, 6,146 classrooms, and access to potable water for more than 2 million households. In partnership with different government agencies, LANDBANK also serves as the main distribution arm for the government’s social amelioration programs to vulnerable sectors severely affected by the COVID-19 pandemic, including the regular distribution of financial aid under the social protection programs of the Department of Social Welfare and Development (DSWD). The Bank is also closely working with the Department of Transportation (DOTr) and the Land Transportation Franchising and Regulatory Board (LTFRB) for various transportation modernization initiatives. This includes the immediate delivery of P6,500 fuel subsidy to public utility vehicle (PUV) drivers challenged by the sudden rise in fuel prices under the Fuel Subsidy Program. To advance greater financial inclusion in the country, LANDBANK continues to partner with the Philippine Statistics Authority (PSA) to provide unbanked Philippine Identification System (PhilSys) registrants with their own transaction accounts free-of-charge. LANDBANK has onboarded 7.2 million previously unbanked Filipinos as of end-2021. Following the Bank’s recent merger with the former United Coconut Planters Bank (UCPB), LANDBANK further solidified its ranking as the second largest local bank in terms of assets, putting it in a better position to serve the whole agriculture sector and diverse customer base through its stronger financial muscle and extensive reach. As of 08 March 2022, LANDBANK’s branch network has expanded to 607 branches and 71 branch-lite units nationwide—the only Bank present in all 81 provinces in the country.
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LANDBANK scores double in 17th PDS Awards
LANDBANK President and CEO Cecilia C. Borromeo (center) receives the Top 3 Fixed Income Dealing Participant for 2021 award at the 17th PDS Annual Awards Night, together with LANDBANK Treasury and Investment Banking Sector Head, Executive Vice President Carel D. Halog (2nd from left), Investment Banking Group Head, Senior Vice President Gonzalo Benjamin A. Bongolan (4th from left), Asset and Liability Management Group Head, First Vice President Adelfa R. Masacupan (leftmost), and Financial Markets Group Head, First Vice President Ma. Francia O. Titar (rightmost). LANDBANK was also awarded as Top 5 Corporate Issue Managers/Arrangers by PDS for 2021. The Land Bank of the Philippines (LANDBANK) was honored at the 17th Philippine Dealing System (PDS) Annual Awards Night for its strong contribution to the growth and stability of local financial markets. The state-run Bank received recognitions as Top 3 Fixed Income Dealing Participant and Top 5 Corporate Issue Managers/Arrangers under the bank category for 2021 during the virtual ceremony held on 25 March 2022. “These PDS awards highlight LANDBANK’s steadfast support to grow the country’s capital market. We are at the forefront of serving key industry movers of the economy, as we contribute to advancing our collective recovery and sustained development,” LANDBANK President and CEO Cecilia C. Borromeo said. This is the eighth straight year that PDS cited LANDBANK as among the Top 5 Fixed Income Dealing Participants, honoring the state Bank for contributing to the highest share by volume in the secondary market through the Bloomberg platform. The Bank ranked third in 2021, two tiers higher from placing fifth in 2020. The Bank was likewise recognized as among the Top 5 Corporate Issue Managers/Arrangers under the Bank Category. Celebrated annually since 2006, the PDS Group holds an Annual Awards Night to gather market participants, stakeholders, and partners across different sectors of the financial market to celebrate the achievement of the capital market community. The event also honors member-institutions that have exhibited outstanding performance, leadership, innovation, and overall contribution to the development of the capital market share. LANDBANK’s support to local financial markets is in line with serving the nation towards advancing the National Government’s development agenda.
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Farmers to receive crop insurance via LANDBANK cash cards
LANDBANK President and CEO Cecilia C. Borromeo (middle) and PCIC President Atty. Jovy C. Bernabe (2nd from left) sign a Memorandum of Agreement (MOA) on 07 April 2022 to hand out LANDBANK Cash Cards to farmers for the disbursement of insurance claims. Witnessing the signing are LANDBANK Senior Vice Presidents Randolph L. Montesa (4th from left) and Marilou L. Villafranca (rightmost), alongside PCIC Vice President Segundo H. Guerrero, Jr (leftmost). The Land Bank of the Philippines (LANDBANK) and the Philippine Crop Insurance Corporation (PCIC) signed a Memorandum of Agreement (MOA) that will enable faster and seamless disbursement of indemnity claims for farmers whose crops were affected by disasters and calamities. Under the Agreement, the Bank will provide LANDBANK Cash Cards for the timely crediting of insurance proceeds to farmers endorsed by PCIC. Through the LANDBANK Cash Cards, around 1.8 million farmer-beneficiaries will be able to withdraw their insurance claims conveniently from 2,808 LANDBANK ATMs nationwide instead of the previous practice of encashing cheques issued by PCIC in LANDBANK Branches. LANDBANK President and CEO Cecilia C. Borromeo and PCIC President Atty. Jovy C. Bernabe signed the MOA on 07 April 2022 at the LANDBANK Plaza in Malate, Manila. They were joined by LANDBANK Senior Vice Presidents Randolph L. Montesa and Marilou L. Villafranca, alongside PCIC Vice President Segundo H. Guerrero, Jr. “LANDBANK’s partnership with PCIC is aligned with our shared goal of promoting financial inclusivity. As we enhance the delivery of insurance claims to farmers nationwide through our cash cards, we are also promoting the habit of saving—leading to their financial independence,” said LANDBANK President and CEO Cecilia C. Borromeo. The LANDBANK Cash Cards will also grant farmer-beneficiaries access to a wider range of financial services, including the facilitation of banking transactions in LANDBANK ATMs such as cash withdrawal, balance inquiry, ATM fund transfer, and cashless payment through Point-of-Sale (POS) facilities. The farmer-beneficiaries can also withdraw their claim payments from 888 Agent Banking Partners operating on behalf of LANDBANK in far-flung communities nationwide. In addition, cash cardholders may access the LANDBANK phonebanking facility and Mobile Banking App (MBA).
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LANDBANK assists Maguindanao coastal town to build market linkages
DATU BLAH T. SINSUAT, Maguindanao – The Municipal Government of Datu Blah T. Sinsuat (DBS) has partnered with the Land Bank of the Philippines (LANDBANK) for the construction of access roads that will aid in the convenient and timely transport of goods to and from the town. The second class municipality inked a P90-million loan agreement with LANDBANK on 9 February 2022 to purchase various heavy equipment, meant to enhance the town’s delivery of general basic services and fast-track the implementation of strategic farm-to-market road projects. “LANDBANK fully supports initiatives that promote the growth and development of local agricultural producers. We are one with local government partners in providing more convenient access to local markets and other government services, in line with building stronger and more resilient local economies,” said LANDBANK President and CEO Cecilia C. Borromeo. The P90-million LANDBANK loan will finance the construction of additional road networks in the municipality, designed to reduce the transportation costs of farmers and fishers for their produce, which will result to higher incomes. The road projects will allow fishers from the remote coastal barangays to supply fish to Cotabato City, Maguindanao Province, several bordering towns in Lanao del Norte, as well as the provinces of Zamboanga del Norte and Zamboanga del Sur. To date, five (5) out of the 13 barangays of Datu Blah T. Sinsuat have no established roads and are accessible only by boat. The additional roads will benefit a total of 4,946 farmers; 2,701 fishers; and 389 Agrarian Reform Beneficiaries (ARBs) residing in the area. “With LANDBANK’s assurance of financial and technical support to our priority projects for small farmers and fishers, we are optimistic that the Datu Blah T. Sinsuat Municipality will reach its goal of becoming the fishing capital of Central Mindanao in the future,” said Datu Blah T. Sinsuat Mayor Marshall I. Sinsuat. The Municipality also anticipates that the new roads will encourage the influx of investors and potential tourists to stimulate more economic activity, significantly improving the locality's trading system and tourism industry, and creating more job opportunities. LANDBANK continues to extend necessary credit assistance to local government units (LGUs) to spur recovery and inclusive economic development in the countryside. As of end-January 2022, LANDBANK has extended P69.51 billion in outstanding loans to LGUs nationwide.
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LANDBANK delivers over P133-B cash aid in 2021
Upgrades CCT, UCT cash cards to transaction accounts The Land Bank of the Philippines (LANDBANK), in partnership with the Department of Social Welfare and Development (DSWD), disbursed a total of P133.61 billion to more than seven million beneficiaries of the government’s Conditional Cash Transfer (CCT) and Unconditional Cash Transfer (UCT) programs in 2021. ¬ Of this amount, LANDBANK released a total of P123.74 billion under the CCT program that benefitted 4.4 million low-income families, for education and health needs of the children and financial support for households. Meanwhile, a total of P9.86 billion was delivered to 2.8 million UCT beneficiaries, as part of support interventions in line with the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) Law. “LANDBANK remains steadfast in the timely delivery of social protection interventions to the most vulnerable sectors. We will continue to work closely with the DSWD to contribute to the National Government’s inclusive development agenda,” said LANDBANK President and CEO Cecilia C. Borromeo. As of 28 February 2022, the state-run Bank has provided LANDBANK Cash Cards to a total of 9.8 million CCT and UCT beneficiaries to facilitate more convenient withdrawals of social pension and grants in future payouts. LANDBANK also upgraded the Cash Cards of all CCT and UCT beneficiaries into transaction accounts, to provide the beneficiaries wider access to an array of banking services. Beneficiaries can now perform cash card loading via LANDBANK branches, receive funds through the LANDBANK Mobile Banking App, and cash-in via LANDBANK Cash Deposit Machines, among others. Previously, the CCT and UCT beneficiaries can only do limited transactions with their cash cards, such as withdraw cash from LANDBANK Automated Teller Machines (ATMs) and Agent Banking Partners (ABPs) nationwide. To provide the beneficiaries more financial access points, LANDBANK has also on-boarded a total of 888 ABPs in far-flung communities as of 31 December 2021 to ensure the timely delivery of government subsidies. LANDBANK serves as the delivery arm for the National Government’s social protection initiatives in support of the country’s underserved and marginalized sectors.
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LANDBANK services underserved provinces thru agent banking partners
The Land Bank of the Philippines (LANDBANK) now has a total of 896 agent banking partners (ABPs) nationwide as of 31 January 2022, tapped to deliver banking services to unbanked and underserved communities nationwide. These accredited ABPs are operating in behalf of LANDBANK in Metro Manila and 81 provinces, which include remote areas in Apayao, Catanduanes, Cagayan, Ifugao, Siquijor, Tawi-Tawi, and Dinagat Islands, among others. The ABPs can offer services which include cash out, cash in, fund transfer, bills payment, and opening and issuance of LANDBANK Agent Banking Cards. In January 2022 alone, a total of 469,056 transactions amounting to P2.24 billion have been facilitated by LANDBANK ABPs. “The expansion of our Agent Banking Program is reflective of LANDBANK’s steadfast commitment to advance financial inclusion in the country. Our partnerships translate to improved access to financial services and lower transaction costs for the benefit of our customers in unbanked and underserved communities,” LANDBANK President and CEO Cecilia C. Borromeo said. Under the Agent Banking Program, LANDBANK initiates partnerships with client cooperatives, associations, rural banks, local government units (LGUs), and micro, small and medium enterprises (MSMEs), and private entities to help provide basic banking services to areas with limited or no LANDBANK presence. The LANDBANK Agent Banking Program is in accordance with the Bangko Sentral ng Pilipinas (BSP) Circular No. 940 series of 2017, which allows the contracting of cash agents to perform selected banking services on the Bank’s behalf, to exponentially expand reach and service more clients. LANDBANK also continues to co-locate with the Philippine Statistics Authority (PSA) in registration centers nationwide to provide unbanked Philippine Identification System (PhilSys) registrants with transaction accounts, free-of-charge. A total of 7.5 million registrants have been onboarded as of 16 February 2022.
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LANDBANK turns over P136.2-B worth of shares to NG
President Rodrigo R. Duterte (center) receives the stock certification from LANDBANK, led by Finance Secretary and LANDBANK Chairman Carlos G. Dominguez III (3rd from right) and LANDBANK President and CEO Cecilia C. Borromeo (4th from right), in a turnover ceremony held at Malacañang Palace, Manila on 21 March 2022. They are joined by Executive Secretary Salvador C. Medialdea (4th from left) and other LANDBANK senior officials. The Land Bank of the Philippines (LANDBANK) officially turned over 1.36 billion shares of common stock worth P136.2 billion to the National Government, following the unprecedented capital infusions extended to the Bank since June 2016. President Rodrigo R. Duterte received the stock certification from Finance Secretary and LANDBANK Chairman Carlos G. Dominguez III, together with LANDBANK President and CEO Cecilia C. Borromeo, in a historic turnover event at Malacañang Palace, Manila on 21 March 2022. They were joined by Executive Secretary Salvador C. Medialdea; LANDBANK Executive Vice Presidents Alan V. Bornas, Julio D. Climaco, Jr., Liduvino S. Geron, Carel D. Halog; and Senior Vice President Gonzalo Benjamin A. Bongolan. Since June 2016, LANDBANK has received a total of P148.8 billion in capital infusion from the National Government as of 25 March 2022. Of this total, P27.5 billion was infused to the Bank in February 2021 in line with the provisions of Republic Act No. 11494 or the Bayanihan to Recover as One Act (Bayanihan 2), coupled by the conversion of the Bank’s P110 billion unrestricted retained earnings to paid-up capital in February and March 2022. The equity infusions combined with dividend rate adjustments have improved LANDBANK’s capital Common Equity Tier 1 (CET1) ratio to 16.85% as of February 2022, to be comfortably ahead of the Basel III capital ratio requirement. The capital infusion from the government has also solidified LANDBANK’s ranking as the second-largest bank in the country in terms of assets, while boosting its capacity to service the financial requirements of key development sectors and advance greater financial inclusion.
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