The Land Bank of the Philippines (LANDBANK) has remitted P32.119 billion in cash
dividends to the National Government—the highest in the state-run Bank’s history—to
support the country’s infrastructure projects and socio-economic programs.
The record-setting contribution, the highest amount remitted among all Government
Owned and Controlled Corporations (GOCCs), highlights LANDBANK’s robust financial
position after posting an all-time high net income of P40.3 billion in 2023 and year-
end capital of P266.8 billion.
LANDBANK officially remitted the P32.119 billion cash dividends to the National
Treasury on 30 April 2024, which was recognized during the GOCCs’ Day ceremonial
dividends turnover event on 06 May 2024 at the Philippine International Convention
Center (PICC) in Pasay City, led by President Ferdinand R. Marcos Jr. together with
Finance Secretary and LANDBANK Chairman Ralph G. Recto, and other officials.
“The solid performance of LANDBANK in 2023 yielded a record-breaking dividend
contribution, which will significantly support our people’s growing needs and further
stimulate the country's economic growth. This unprecedented amount demonstrates
the fiscal discipline that we have instilled in LANDBANK. Credit must be given to
LANDBANK’s management team led by PCEO Lynette Ortiz and staff for their hard
work and commitment to the nation,” said Finance Secretary and LANDBANK
Chairman Recto.
“LANDBANK’s unprecedented contribution to the government’s coffers underscores
our unwavering commitment to nation-building. We look forward to further advancing
the country’s growth trajectory by providing ample funding for priority infrastructure
projects and socioeconomic programs,” said LANDBANK President and CEO Lynette V.
Ortiz.
President and CEO Ortiz added that the Bank will remain aggressive in serving the
growth requirements of the agriculture sector and other key industries, to complement
the National Government’s inclusive and sustainable development agenda.
Strong profit growth in Q1 2024
LANDBANK has started the year strong after earning P12 billion in the first three
months on the back of increased interest income from loans. The state-run Bank’s net
income for the first quarter jumped 11% from P10.8 billion year-on-year, exceeding
its P11.3 billion target for the period by 6%.
LANDBANK’s total assets expanded by 5% to P3.3 trillion, driven by robust expansion
in loans. The Bank’s deposit base likewise improved by 4% to P2.9 trillion due to
increases in government and private deposits.
The Bank’s gross loan portfolio reached P1.5 trillion, marking a 25% increase due to
the growth in treasury and commercial loans, primarily channeled towards
agribusiness, energy, affordable mass housing, and infrastructure projects.
Earlier, the Bank garnered the highest rating for corporate governance among all
GOCCs in 2022, with a scorecard of 102.5 from the Governance Commission of GOCCs
(GCG), showcasing LANDBANK’s strong corporate governance culture anchored on
integrity, transparency, and accountability.
ABOUT LANDBANK
LANDBANK is the largest development financial institution in the country promoting
financial inclusion, digital transformation and sustainable development to benefit
Filipinos. The Bank is present in all 82 provinces in the county, committed to providing
accessible and affordable financial support to key players and industries as part of its
broader thrust of serving the nation.
