The Land Bank of the Philippines (LANDBANK) ended 2023 with an all-time high net income of P40.3 billion—the very first time that it breached the P40-billion mark surpassing its full-year target by P5 billion.
The Bank’s 2023 profit translates to a substantial 34% expansion from P30.1 billion in 2022. The robust financial performance was fueled by strong revenues from loans and investments alongside prudent cost management.
“LANDBANK’s strong financial performance in 2023 exemplifies sound management committed to deliver remarkable results in a thriving economy. We will build on this growth momentum to further drive meaningful investments in advancing inclusive and sustainable development in the country," said LANDBANK President and CEO Lynette V. Ortiz.
LANDBANK’s assets climbed 4.2% to P3.3 trillion, bolstered by strong deposit inflows and income generated from loans and investments. The Bank saw deposits grow by 4.5% to P2.9 trillion.
The state-run Bank maintains a stable and robust capital position, with year-end capital jumping to P266.8 billion on the back of strong profitability. This translates to 27% year-on-year growth from P210.6 billion last year.
LANDBANK’s financial ratios continued to be at healthy levels, with Capital Adequacy Ratio (CAR) at 16.35% and Common Equity Tier 1 Ratio (CET 1) at 15.46%. Return on equity stood at 16.87%, significantly higher than the 12.15% industry average.
This strong financial base will further enhance support for agriculture, fisheries and rural development (AFRD), as well as other key development sectors, in line with the Bank’s broader thrust of serving the nation.
From January to December 2023, LANDBANK’s loans granted to various sectors translated to more infrastructure facilities and basic services provided to Filipinos across the country.
“We look forward to 2024 as another banner year for LANDBANK, underscoring our commitment to transformative and disruptive digital initiatives. This momentum gives us much optimism towards reaching new milestones in expanding financial inclusion nationwide,” added President and CEO Ortiz.
Finance Secretary and LANDBANK Chairman Ralph G. Recto recently met with the LANDBANK Management, and commended the Bank for surpassing its financial targets in 2023, maintaining a strong capital position, and intensifying support to agriculture, fisheries, and rural development. He also lauded the bank's strong support of the national government’s programs and the implementation of various digital platforms.
Secretary Recto also assured full support for the bank's strategic initiatives in 2024 for national development lending, treasury and investment, digital banking, and cybersecurity, among other areas.
LANDBANK garnered the highest rating for corporate governance in 2022 among government-owned and controlled corporations (GOCCs) in the country from the Governance Commission of GOCCs (GCG).
ABOUT LANDBANK
LANDBANK is the largest development financial institution in the country promoting financial inclusion, digital transformation and sustainable development to benefit Filipinos. It is committed to being at the forefront of nation-building through the delivery of responsive services beyond banking.
BIR, LANDBANK team-up for tax portal for digital services
QUEZON CITY — The Bureau of Internal Revenue (BIR) has tapped LANDBANK to develop the Value-Added Tax on Digital Services (VDS) Portal, a dedicated platform for Digital Service Providers (DSPs) located outside the Philippines to conveniently file and pay Value-Added Tax (VAT) obligations online for their in-country services. BIR Commissioner Romeo D. Lumagui Jr. and LANDBANK President and CEO Lynette V. Ortiz formalized the partnership through a Memorandum of Agreement (MOA) signed on 8 July 2025 at the BIR National Office Building in Quezon City. The collaboration is in line with Republic Act No. 12023, which mandates the imposition of VAT on foreign digital service providers for services consumed within the country. LANDBANK will serve as the solution provider for the portal’s development and maintenance, while BIR will oversee implementation and policy compliance, to support the government’s push for digital tax administration and greater revenue mobilization in the digital economy. ABOUT LANDBANK LANDBANK is the largest development financial institution in the country promoting financial inclusion, digital transformation, and sustainable national development. Present in all 82 provinces in the county, the Bank is committed to provide accessible and responsive financial solutions to empower Filipinos from countryside to countrywide.
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LANDBANK, DOST-TAPI strengthen partnership to support Filipino innovators
LANDBANK President and CEO Lynette V. Ortiz (3rd from left) and DOST-TAPI Director Atty. Marion Ivy D. Decena (2nd from left) sign the partnership for the enhanced I-TECH Lending Program, designed to provide accessible financing to Filipino inventors and technology developers. Witnessing the signing ceremony on 15 July 2025 at Okada Manila are LANDBANK Executive Vice President Ma. Celeste A. Burgos (rightmost) and DOST- TAPI Investment and Business Operations Division Manager Romeo M. Javate (leftmost). In a joint push to advance innovation and inclusive technological development, LANDBANK and the Department of Science and Technology – Technology Application and Promotion Institute (DOST-TAPI) have formalized a renewed partnership to provide greater support for Filipino inventors and technology developers. Central to the collaboration is the Innovation and Technology (I-TECH) Lending Program, designed to provide affordable and accessible financing to help inventors commercialize their patented technologies and bring them to market. LANDBANK President and CEO Lynette V. Ortiz and DOST-TAPI Director Atty. Marion Ivy D. Decena formalized the partnership through a Memorandum of Agreement (MOA) and Implementing Rules and Regulations (IRR) signing on 15 July 2025 at Okada Manila. LANDBANK EVP Ma. Celeste A. Burgos and DOST-TAPI Investment & Business Operation Division Manager Romeo M. Javate witnessed the signing. “At LANDBANK, we firmly believe that technology is a key driver of inclusive growth that opens doors to a better, more sustainable future for all. We believe in the potential of every Filipino innovator, and we are here to back that potential every step of the way,” said LANDBANK PCEO Ortiz. Under the enhanced I-TECH Lending Program, LANDBANK serves as the primary lending conduit, while DOST-TAPI administers the Invention Guarantee Fund (IGF) to fund the program. Empowering innovators with accessible financing The I-TECH Lending Program introduces several enhancements to better serve target beneficiaries, broadening its reach and maximizing impact. To encourage wider participation, the previous loan ceiling of P12.5 million has been removed, allowing eligible borrowers to access up to 85% of the total project cost, and up to 80% for land acquisition. Loan interest charges have likewise been waived through funding sourced from the IGF, enabling the Program to operate as an off-book facility for LANDBANK, and lowering the financial burden on borrowers. These enhancements are in line with Republic Act No. 7459, or the Inventors and Invention Incentives Act of the Philippines, which aims to empower local innovators through financial and non-financial assistance. As of 30 June 2025, a total of P32.25 million in loans has been released under the I- TECH Lending Program. Through this enhanced partnership, LANDBANK and DOST-TAPI reaffirm their commitment to empowering Filipino innovators, transforming homegrown ideas into sustainable, high-impact enterprises, and helping build a robust technology-driven economy. ABOUT LANDBANK LANDBANK is the largest development financial institution in the country promoting financial inclusion, digital transformation, and sustainable national development. Present in all 82 provinces in the county, the Bank is committed to provide accessible and responsive financial solutions to empower Filipinos from countryside to countrywide.
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LANDBANK powers cashless fare payments in MRT-3
United for seamless transport fare payments: (from left to right) VISA Country Manager Jeffrey Navarro, Mynt President and CEO Martha Sazon, DOTr Secretary Vince B. Dizon, DICT Secretary Henry Rhoel R. Aguda, BSP Monetary Board Member Walter C. Wassmer, G-Xchange President and CEO Ren-ren Reyes, LANDBANK President and CEO Lynette V. Ortiz and Executive Vice President Leila C. Martin, and BSP Deputy Governor Mamerto E. Tangonan join forces to pilot contactless fare payments at MRT-3 under the Automated Fare Collection System (AFCS). LANDBANK reinforced its role as a key enabler of convenient and cashless commuting with the successful pilot launch of the Department of Transportation’s (DOTr) Automated Fare Collection System (AFCS) for MRT-3 on 25 July 2025. Under the AFCS, MRT-3 passengers can now experience seamless commuting by simply tapping their debit, credit, or prepaid Europay, Mastercard, and Visa (EMV) cards at upgraded turnstiles. This offers a faster and more convenient alternative to single-journey tickets and stored-value cards, marking a shift towards secure, seamless, and real-time transit payments. The live demonstration was led by Transportation Secretary Vince B. Dizon, Bangko Sentral ng Pilipinas (BSP) Monetary Board Member Walter C. Wassmer and Deputy Governor Mamerto E. Tangonan, Department of Information and Communications Technology (DICT) Secretary Henry Rhoel R. Aguda, Mynt President and CEO Martha Sazon, Globe Exchange, Inc. (GXI) President and CEO Ren-ren Reyes, LANDBANK President and CEO Lynette V. Ortiz, VISA Country Manager Jeffrey Navarro, RCBC President and CEO Reginald Cariaso, and RCBC Chief Innovation and Inclusion Officer EVP Lito Villanueva, among other key stakeholders. “We are proud to enable smart, secure, and contactless payments for daily commuters and to support the government’s push for digital transport reform. At LANDBANK, we are always ready to partner with both public and private players to scale interoperable payment solutions that improve everyday lives,” said LANDBANK President and CEO Ortiz. As part of the collaboration project, GCash operator GXI deployed and maintains the POS terminals and transit system at MRT-3 turnstiles, handling fare computation, reporting, and commuter support to ensure smooth card-based transactions. Meanwhile, LANDBANK serves as the sole acquiring bank and transit payment gateway integrator, ensuring that payments made using EMV cards are authorized, processed, and settled directly into DOTr’s account. LANDBANK’s Transit Payment Solution supports fare payments across different transport modes through an integrated system of validators, a central payment gateway, and settlement services. It works for EMV and other dedicated cards, and can connect with other transit providers through secure digital links to support a truly interoperable nationwide transit experience. The AFCS forms part of the National Government’s broader agenda to digitize public services, aligned with Executive Order No. 170 and the BSP’s Digital Payments Transformation Roadmap. With this initiative, LANDBANK stands ready to help build a fully modernized and inclusive public transport ecosystem, powered by financial technology and strong inter-agency and public sector collaboration. ABOUT LANDBANK LANDBANK is the largest development financial institution in the country promoting financial inclusion, digital transformation, and sustainable national development. Present in all 82 provinces in the country, the Bank is committed to provide accessible and responsive financial solutions to empower Filipinos from countryside to countrywide.
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