Landbank branches increase to 489

MANILA, Philippines — State-run Land Bank of the Philippines has expanded its network to 489 branches nationwide, solidifying its position as the second largest bank and the only one present in all provinces.

Landbank president and CEO Cecilia Borromeo yesterday reported that the financial institution opened a total of 15 branches and branch-lite units nationwide last year.

It put up new branches in Bunawan, Agusan del Sur; Paranas, Samar; Real, Quezon province; La Carlota City, Negros Occidental; Poro, Cebu; M’lang and Libungan, Cotabato; as well as a branch-lite unit in Sta. Ana, Cagayan.

Also, Landbank built Agri-Hubs in crop areas Sta. Maria, Ilocos Sur; Rizal, Nueva Ecija; Bago, Negros Occidental; Baggao, Cagayan; and Candaba, Pampanga. The state-owned bank opted to open Agri-Hubs in said locations to bring its financial services to the farmers there.

Agri-Hubs extend banking services like account opening, encashments and withdrawals, particularly in rice-producing provinces. They also grant credit support, such as the processing of loan applications, to farmers requiring financial help to manage their crops.

Agri-Hubs can also facilitate bonds related to agrarian reform and handle concerns coming from beneficiaries, landowners, including bond holders.

Aside from expanding the number of branches, Landbank strengthened its hold as the second largest bank by operating 2,513 automated teller machines at the end of 2021.

The bank also manages a total of 222 cash deposit machines that promote safe and convenient cash deposits and withdrawals wherever an account holder may be.

Borromeo also said Landbank added three lending centers, in Tandag, Surigao del Sur; Kalibo, Aklan; and La Trinidad, Benguet, to record a total of 58 nationwide. Lending centers cater to the financial needs of local government units, small-scale enterprises and farmers and fishermen.

Last year, Landbank grew its profit by roughly 27 percent to P21.75 billion from P17.14 billion in 2020, as it trimmed its cost of funds and provision for losses.

The state-owned bank, serving mostly agriculture stakeholders, is set to boost its assets to about P3 trillion as it becomes the surviving entity in a merger with the United Coconut Planters Bank.