Congress urged to look into P1.3-trillion LandBank investable funds

Kilusang Magbubukid ng Pilipinas’  Rafael Mariano. FILE PHOTO

MANILA, Philippines — The Congress was urged on Thursday to look into the unutilized P1.3-trillion investable funds of the LandBank of the Philippines (LBP).

In a Senate hearing, the LBP revealed that there is a P1.3-trillion investable fund, but is not lent to farmers in need.

Kilusang Magbubukid ng Pilipinas (KMP) chairman emeritus and former Agrarian Reform Secretary Rafael Mariano urged Congress to investigate the matter as farmers inquired the fund’s purpose.

“Ang LandBank ang nag-iisang bangko na may natatanging pokus sa paglilingkod sa mga pangangailangan ng mga magsasaka at mangingisda. Bakit ilalagak sa MIF (Maharlika Investment Fund) ang multibilyong pondo na dapat ay para sa mga magsasaka at sa buong agrikultura,” Mariano said in a statement.

(The LandBank is the only bank whose purpose is to serve and help farmers and fisherfolk. Why will the bank give multi-billion funds to the MIF when it is allotted to the agricultural sector?)

“Dapat malaman ng publiko kung ilang magsasaka ang natutulungan ng Landbank at kung anong mga tulong ang naibibigay nito sa sektor…Dapat din makita ng mga magsasaka kung saan pang mga negosyo nag-iinvest ang Landbank,” he said

(The public should know how many farmers the LandBank has helped and how they helped them…Farmers should also be made aware which businesses the LandBank invests in.)

Under the MIF, the LBP, the Development Bank of the Philippines, and the Bangko Sentral ng Pilipinas will contribute as seed money to the fund.

The KMP noted that the LBP has P3.04 trillion in assets. In 2022, it gained a P30.1 billion profit, 38.2% higher than 2021.

Farmers fear that LBP’s unused funds might fall into the hands of corrupt individuals. KMP expressed worry that the same thing that happened to the P75-billion Coco Levy Fund will be repeated with the MIP. —MJ Soriano,  INQUIRER.net trainee

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JPV