Duterte orders Landbank to return to its original mandate of helping farmers
President Rodrigo Duterte has ordered the state-run Land Bank of the Philippines to return to its original mandate of helping farmers, Malacanang said on Thursday.
Duterte made the directive during his meeting on Wednesday in Malacanang with Landbank officials.
"What he wants is for the Landbank to go back to its mandate of assisting the small farmers," said Presidential Spokesperson Harry Roque in a press briefing.
He said that the bank was formed to help the farmers.
Even if agricultural workers lack requirements, Landbank should assist them, he said.
Currently, Roque said it appears that farm workers have a hard time seeking assistance from Landbank due to many requirements that need to be complied with.
He cited, for instance, the need for a feasibility study, which could be difficult for farmers to comply with.
The Landbank has grown and become a sophisticated universal bank, he added.
As of June 30, 2018, Landbank, on its website, said it was the fourth largest commercial bank in the country in terms of assets, with the amount of P1.705 trillion.
The top three commercial banks were Banco de Oro with P2.846 trillion; Metrobank, P2.190 trillion; and Bank of the Philippine Islands, P1.895 trillion. Celerina Monte/DMS
