LANDBANK prexy ends term on a high note

Wednesday, February 27, 2019

Outgoing LANDBANK President and CEO Alex V. Buenaventura is grateful for the opportunity to have served LANDBANK for more than two years as he leaves a strong institution that ended 2018 with a robust performance. LANDBANK registered last year its highest net income and a record-high growth in loan portfolio.

Buenaventura is confident that LANDBANK will continue to expand its loans to benefit more farmers, fishers and other marginalized sectors. Since his appointment on November 11, 2016, his focus has been on bringing LANDBANK’s products and services closer to its mandated sectors.

By the end of 2018, LANDBANK reported a 33% growth in gross regular loans of P799.2 billion from P601.2 billion in 2017, the highest year-on-year growth since 2009. This translates to a 29% rise in the Bank’s gross loan portfolio to P867.3 billion from P674.4 billion as of end-2017.

LANDBANK’s 2018 net income also grew to P15.5 billion, 10% higher than P14.1 billion in 2017.

“I am happy to turn over a stronger LANDBANK to my successor who is not a stranger to the institution. I am confident that Cecile will build on these gains to support the Bank’s mandated and priority sectors, especially the farmers,” Buenaventura said.

Buenaventura will be replaced by Cecilia C. Borromeo who was DBP president since January 9, 2017. Prior to her appointment to DBP, she was the officer-in-charge of LANDBANK from August 1 to November 10, 2016. She had been with LANDBANK for 27 years, handling various posts including as head of the Bank’s agricultural and development lending sector.

“With our mutual goal of advancing the welfare of farmers, I believe Cecile will carry on the programs I’ve started in LANDBANK that are geared towards promoting financial inclusivity,” Buenaventura further said.

Buenaventura is happy to return to Davao to help in his family business. Before joining LANDBANK, he was the long-time president and director of One Network Bank, the country’s largest rural bank in terms of assets, network of branches and net income. During his tenure at ONB, Mr. Buenaventura focused on serving the unbanked and underbanked rural areas in southern Philippines.