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Duterte warns Land Bank: Fulfill mandate or be abolished

By: - Reporter / @NCorralesINQ
/ 09:11 PM July 22, 2019

MANILA, Philippines — President Rodrigo Duterte has threatened to shut down state-run Land Bank of the Philippines (LBP).

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“What the heck is wrong with you? You are supposed to finance agricultural enterprises and endeavors,” Duterte said in his fourth State of the Nation Address on Monday.

According to the President, the country’s universal bank was “marred in so many commercial transactions” despite its mandate to help farmers.

“It’s called Land Bank. Primarily, it was a bank intended to serve people who are connected with lands, whether owners or tenants,” he said.

“Itong Land Bank, as the word says, it was really originally or maybe crafted to serve enterprises or whatever there is banking needs of the people who cannot – who can barely negotiate with a bank,” he added.

He then urged Congress to just “abolish” LBP if it could not fulfill its mandate.

“I am asking Congres, ‘pag wala sila (Land Bank), if there is no viable plan for the farmers and just all commercial transactions, abolish it and give the money to congressmen for their development funds. Mas makakatulong pa diretso eh,” he said.

“Landbank should go back to land. Bumalik kayo where you were created for, and that is to help the farmers. Ilang administration na wala,” he also said.

He demanded LBP to submit to him by the end of July a plan that will help farmers.

“You better decide on that, I will give you until the end of July to give me a plan or else, I will ask Congress to reconfigure you,” he said. /kga

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TAGS: bank, Batasang Pambansa, commercial transactions, Farmers, House of Representatives, Landbank, Local news, Nation, national news, news, Philippine news updates, Rodrigo Duterte, Sona, SONA 2019, State of the Nation Address
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