A senior lawmaker has high hopes the national government will receive bigger cash dividends from the Land Bank of the Philippines (LBP) after its planned merger with the Development Bank of the Philippines (DBP).
A senior lawmaker has high hopes the national government will receive bigger cash dividends from the Land Bank of the Philippines after its planned merger with the Development Bank of the Philippines .
“This augurs well for the government’s efforts to boost non-tax receipts that are badly needed to support social development programs,” the lawmaker added. The same law also empowers Malacañang to adjust the dividend rate higher or lower for any or all covered GOCCs, in the interest of the national economy and the general welfare.
LBP is the official depository of government funds, which account for 67 percent, or P1.9 trillion, of the bank’s total deposits. “So long as this obligation to extend low-cost financing to farming and fishing communities is left unimpaired, we won’t get in the way of the proposed combination of the two banks,” Libanan added.
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