State-owned Land Bank of the Philippines (LANDBANK) recently joined the “Lakbay Palay” event organized by the Department of Agriculture-Philippine Rice Research Institute (DA-PhilRice) in the Science City of Muñoz, Nueva Ecija, to promote the Expanded Rice Credit Assistance under the Rice Competitiveness Enhancement Fund (ERCA-RCEF).
During the two-day event, LANDBANK’s RCEF beneficiary Nariza B. Tan of Zaragoza, Nueva Ecija shared her experiences as the RCEF reached its fourth year of implementation.
“Nakatulong ang pautang na aking na-avail mula sa RCEF dahil natustusan ko ang pangangailangan sa aking palayan. Sa dating 120 cavans per hectare, nadagdagan ng 30 cavans per hectare and aking ani. Mura pa ang interes sa 2% kada taon,” said Tan.
The DA-PhilRice also launched the “Bantay Palay” Mobile App, which can monitor the prices of rice in real time. Certified inbred rice seeds were also distributed to farmers during the event.
As of February 2023, LANDBANK has provided P1.9 billion funding support to 204 cooperatives and 12,086 individual farmers in 29 provinces covered by the Bank under the ERCA-RCEF. Through PhilRice and the Philippine Center for Postharvest Development and Mechanization (PhilMech), the RCEF has also provided 12 million sacks of seedlings to about one million farmers, and distributed 22,306 farm machineries to 7,136 farmers’ cooperatives and associations in 57 provinces nationwide.
LANDBANK awaits green light to resume fuel subsidy distribution
The Land Bank of the Philippines (LANDBANK) assures the fast and timely crediting of fuel subsidies and distribution of cash cards to intended transport beneficiaries nationwide once the prohibition to distribute in compliance to the election spending ban is lifted. The Land Transportation Franchising and Regulatory Board (LTFRB) is currently working on the exemption from the Commission on Elections (Comelec) to resume the distribution under the Fuel Subsidy Program (FSP). Pursuant to Comelec Resolution 10944, the releasing, disbursing or spending of public funds for social welfare projects are prohibited from September 15 to October 30, 2023 in relation to the Barangay and Sangguniang Kabataan Elections next month.
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LANDBANK remits P50B investment in Maharlika
The Land Bank of the Philippines (LANDBANK) has remitted to the Bureau of the Treasury (BTr) its ₱50-billion contribution to the Maharlika Investment Corporation (MIC) as mandated by Republic Act No. 11954 which establishes the Maharlika Investment Fund (MIF), the first Philippine sovereign wealth fund aimed at boosting the country’s economic growth. Finance Secretary and LANDBANK Chairman Benjamin E. Diokno said that the Bank’s ₱50-billion investment to the MIF has already been settled with the BTr on Thursday, 14 September 2023, following the enactment of the MIF enabling law and the issuance of its Implementing Rules and Regulations (IRR) by the BTr. "We are witnessing a growing interest for investments in the MIF from multilateral financial institutions and foreign investors. With the regulatory requirements in place, and after securing the seed capital from state-run institutions, we are confident that the Fund will be operational by yearend,” said Secretary Diokno. At the same time, LANDBANK President and CEO Lynette V. Ortiz said the law creating the MIF has enough safeguards to protect the Bank’s invested funds. “The MIF law has put in place adequate safety nets to ensure full disclosure and transparency in the management of the Fund, as well as the integrity and professionalism of the management team that will be entrusted to lead the Maharlika Investment Corporation,” President Ortiz said. On 18 July 2023, President Ferdinand R. Marcos, Jr. signed into law Republic Act No. 11954, followed by the BTr’s issuance of the IRR a month later on 28 August 2023. The law authorizes LANDBANK and the national government to provide ₱50 billion each as initial fund capital, while the Development Bank of the Philippines (DBP) will contribute another ₱25 billion.
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LANDBANK, Malungon LGU link up for digital payments
(front) Malungon Mayor Maria Theresa Constantino (2nd from right), Vice Mayor Mariano S. Escalada, Jr. (rightmost), Municipal Treasurer Eva Emejas (leftmost), and LANDBANK Assistant Vice President Jojo Alcover (3rd from right) lead the launching of the partnership for the use of the LANDBANK Link.BizPortal, alongside other local government officials and officers. MALUNGON, Sarangani Province – Residents and business entrepreneurs from this municipality can now pay for dues to the local government faster online through the digital payment facility of the Land Bank of the Philippines (LANDBANK). The Municipal Government of Malungon has partnered with the state-owned Bank for the integration of the LANDBANK Link.BizPortal to its own website, which offers a wide range of local public services. Through the Link.BizPortal, clients can now pay for local fees, such as business permits and realty taxes, at their own convenience and even at the comfort of their homes. “LANDBANK’s digital banking solutions advances the National Government’s digital and financial inclusion agenda in line with its expanded mandate of serving the nation,” said LANDBANK President and CEO Lynette V. Ortiz. Malungon Mayor Maria Theresa Constantino extended her appreciation to LANDBANK’s support to accelerate the municipality’s digitalization journey. “This is the first in Sarangani to fully implement online payments. So, tell your relatives, your neighbors, that we have a new added service to make it more convenient for the people of Malungon to pay their taxes. We thank LANDBANK in bringing the service closer to every home in Malungon,” said Mayor Constantino. The LANDBANK Link.BizPortal is a digital facility that allows clients to pay for products and services via the internet from both government and private institutions. For the first six months of the year, the LANDBANK Link.BizPortal has facilitated 4 million transactions with value of P6 billion. Of its total 1,326 partner merchants, the Portal has 978 government partners of which 180 have been newly-onboarded this year. LANDBANK is celebrating its 60th anniversary, representing six decades of uplifting lives, empowering communities, and serving the nation — all in pursuit of an inclusive and sustainable economy.
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