PRESIDENT Rodrigo Duterte on Monday, July 22, threatened to abolish the state-run Land Bank of the Philippines if it continues to fail to serve the country's farmers.
During his fourth State of the Nation Adress, Duterte said he was giving Land Bank only until the end of July to craft a plan on how it intends to carry out its vision and mission.
The President said he would not hesitate to direct Congress to either "reconfigure" or "abolish" Land Bank if it fails to present a concrete plan on how it can serve the farmers.
"You better decide on that, I will give you until the end of July to give me a plan or else, I will ask Congress to reconfigure you," he said.
"I am asking now Congress, 'pag wala sila (if Land Bank fails), if there is no viable plan for the farmers and it is just all commercial transactions, abolish it and give the money to the congressmen for their development funds. Mas makakatulong (It will help the farmers more)," he added.
In his speech, the President slammed the Land Bank for acting like a "commercial bank."
"You know you're called LandBank but you are now the number one commercial bank in the Philippines. What the heck is happening to you? You are supposed to finance agricultural enterprises and endeavors. Bakit wala (Why do you fail to do that)?" Duterte said.
"Landbank should go back to land. Why are you marred in so many commercial transactions? Bumalik kayo (Go back to) where you were created for and that is to help the farmers," he added.
This was not the first time Duterte slammed the Land Bank for its supposed failure to meet the needs of the Filipino farmers.
In April last year, Duterte lamented that farmers are not a priority of the government-owned financial institution.
Land Bank is currently led by Cecilia Borromeo. It is mandated to promote countryside development while remaining financially viable. (SunStar Philippines)