solare Landbank affirms stability despite P50-B Maharlika Fund transfer
STOCK / FILES
MANILA, Philippines – After downloading P50 billion to the Maharlika Investment Fund (MIF), the Land Bank of the Philippines said it remains financially stable and compliant with the regulations of the Bangko Sentral ng Pilipinas (BSP).
In a statement Friday, Landbank said it has consistently met and even exceeded the BSP’s minimum required Capital Adequacy Ratio (CAR), which gauges a bank’s financial health.
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FEATURED STORIES BUSINESS Malaysian FMCG products surge in popularity in the Philippines BUSINESS Lorenzo Shipping raises P270M to settle debt BUSINESS Wheat imports rising as Filipinos diversify dietThe state-run bank said its CAR level as of end-November 2024 is at 16.24 percent, which is higher than the 10 percent regulatory threshold.
“Following the P50-billion seed capital allocation to the MIF in September 2023, Landbank’s CAR stood at 16.2 percent, remaining comfortably above regulatory requirements and reflecting the Bank’s commitment to financial stability,” it added.
Key leaders from both organizations graced the clinic inauguration, including Dr. Ruben G. Kasala, Executive Vice President and CEO of TMCO; Dr. Gregorio S. Martinez Jr., Chief Medical Officer of TMCO; Dr. Christopher Napoleon G. Delos Reyes, Chief Strategy and Business Development Officer of TMCO; Mr. Martin Antonio S. Crisostomo, President of LVHAI, and Ms. Mary Jane Regala, Governor of LVHAI.
Article continues after this advertisementLandbank also clarified that seeking a regulatory relief from the BSP is a proactive measure to maintain the bank’s resilience.
Article continues after this advertisement“Landbank has consistently adhered to prudent financial management practices, effectively utilizing its resources to promote agriculture, fisheries and rural development, and empower key development sectors,” it said.
thunderstruck 2Moreover, the state-run financial institution has contributed a record-high P32.12 billion in cash dividends to the national government, which is also the highest among government-owned and controlled corporations.
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