MANILA, Philippines — The Land Bank of the Philippines (Landbank) has promised to submit its plans and programs for the agriculture sector following a threat from President Rodrigo Duterte that he would have it abolished for failure to serve its purpose.
Landbank is the main depository and servicing bank of the government with a special focus on serving the needs of farmers and fishermen in the countryside.
During his fourth state of the nation address (SONA) on Monday (July 22), the President lambasted the Landbank for being “mired in so many commercial transactions” while doing little to help out farmers and coconut growers.
The President said, “You know, you are called Landbank but you are now the number one commercial bank in the Philippines. What the heck is happening to you? You are supposed to finance agricultural enterprises and endeavors. Bakit wala (Why none)?”
“Go to the countryside and ask the people if there are cooperatives, tulungan ninyo to form one,” he added.
The President has given the Landbank until end of July to submit a viable plan for agricultural institutions and the local farmers otherwise he will ask Congress to act.
“I’m asking now Congress, if there is no viable plan for that for the farmers and it is just all commercial transactions, might as well abolish it (Landbank),” he warned.
In response, Landbank in a statement on Tuesday (July 23) vowed to comply with the President’s instructions and promised to further enhance its service channels to reach its primary clients – “the small farmers and fishers, and the agricultural sector at large.”
“We shall also be strengthening partnerships with cooperatives farmer groups and associations as well as collaboration with other key agencies and government units,” the Landbank said in the statement.
“As a matter of fact, together with the office of the provincial governor of Cotabato, we have a scheduled roadshow with initially 400 farmers, including those who never had financial access. This will just be the first of many,” it added.
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