The Department of Finance (DOF) said Land Bank of the Philippines and the Development Bank of the Philippines (DBP) have robust financial performance,
The Department of Finance said Land Bank of the Philippines and the Development Bank of the Philippines have robust financial performance, making them more well-equipped to provide more services to Filipinos.
“The solid financial footing of LandBank and DBP reaffirms their indispensable role in advancing the nation’s progress. This allows them to continuously adhere to prudent financial management practices and effectively utilize their resources to deliver more support to Filipinos, especially in key sectors like infrastructure; agriculture; fisheries; micro, small, and medium enterprises, and many more,” Finance Secretary Ralph Recto said.
Maharlika Investment Corp. , which manages the newly-formed sovereign wealth fund, said it would not return the P75-billion capital infused by LandBank and DBP despite the IMF report. “DBP remains financially strong and more than capable to support President Ferdinand Marcos Jr.’s 10-point economic agenda while pursuing our mandate and serving the needs of our clients and stakeholders with passion and conviction,” said DBP president and chief executive Michael de Jesus.
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