LandBank net income down 7% in 2020

The Land Bank of the Philippines reported a 7% drop in its net income in 2020, on the back of the reduced economic activities brought about by the coronavirus disease 2019 (COVID-19) pandemic.

LandBank said its net income fell to P17.1 billion from P18.5 billion in 2019, even as its year-end capital increased by 13% to P168.3 billion from P149.0 billion.

Meanwhile, deposits rose by 17.4% to P2.093 trillion from P1.783 trillion in 2019, bringing investments up 41.4% to P982.5 billion from P694.9 billion.

"LandBank posted marked growth in assets and deposits in 2020—a record achievement given the widespread economic impact of the health crisis. We will build on these gains and continue along this path to better serve our priority sectors, especially small farmers and fishers, micro, small and medium enterprises and other key development players," said LandBank president and chief executive officer Cecilia Borromeo.

The state-run lender said it assisted 2.67 million farmers and fishers last year to reflect a 133.5% over its 2-million target. Of this, 718,875 small farmers availed of the Rice Farmers Financial Assistance (RFFA) and Financial Subsidy to Rice Farmers (FSRF) Programs jointly implemented with the Department of Agriculture (DA).

LandBank is mandated to promote countryside development while remaining financially viable. It implements the comprehensive agrarian reform program (CARP), provide assistance to small farmers and fisherfolk, and an official depository of government funds. — BM, GMA News