NextGen Day

On third reading, the House of Representatives unanimously approved a bill providing for a new charter for the Philippine Land Bank.

House Bill 10581, which revitalizes LandBank’s charter to operate as a government financial institution responsible for broad-based agricultural and rural development and accelerate financial inclusion, was passed on final reading with 150 affirmative votes, zero negative votes, and no abstentions.

The measure requires the LandBank to set aside 5% of its ordinary loan portfolio for socialized credit to qualifying small farmers, fisherfolk, and agrarian reform beneficiaries (ARBs) for agricultural project finance.

It gives the bank the authority to issue common and preferred stock, subject to the following conditions: 1) prior approval from the Secretary of Finance; 2) the national government must own at least 3/4 of the bank’s total outstanding capital stock at all times; and 3) no individual, group, related interest, or conglomerate may vote more than 5% of the bank’s total outstanding capital stock directly or indirectly.

It allows the bank to issue any type of bond, debenture, security, collateral, or other evidence of indebtedness, subject to prior approval from the Secretary of Finance and conformity with the Monetary Board’s applicable rules and regulations.

The Philippine president, any ex-officio member of the board, or his designated alternate will have voting power over the common shares owned and controlled by the national government, according to the bill.

It specifies the board of directors’ powers and responsibilities, including the authority to adopt and review its own organizational structure, staffing pattern, and qualification standards; to reorganize, restructure, or realign its functions to ensure the bank’s mandates and strategic goals are met; and to implement an early separation plan for its employees and provide incentives to those who will be leaving the service.

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