MANILA, Philippines — President Rodrigo Duterte on Monday threatened to abolish the Land Bank of the Philippines, saying the state-run lender is not giving enough credit assistance to farmers. In his fourth State of the Nation Address, Duterte said LandBank is “mired in so many commercial transactions” that it supposedly forgot about its mandate of spurring countryside development by helping farmers. Related Stories Landbank targets 10% earnings hike to P17 billion“You know, you are called Land Bank but you are now the number one commercial bank in the Philippines. Central bank data shows LandBank is the country’s third largest bank in terms of assets as of March 31 this year. For the first three months of the year, Landbank released P13 billion in loans to the sector, benefiting 128,496 small farmers and fishers nationwide.

Source: Philippine Star July 23, 2019 04:07 UTC