NAPC, Landbank commit to strengthen people's dev't trust fund

By Ma. Teresa Montemayor

February 20, 2024, 8:07 pm

<p>National Anti-Poverty Commission Secretary Lope Santos III <em>(Photo courtesy of NAPC)</em></p>

National Anti-Poverty Commission Secretary Lope Santos III (Photo courtesy of NAPC)

MANILA – The National Anti-Poverty Commission (NAPC) and the Land Bank of the Philippines (Landbank) have reaffirmed their commitment to strengthening the People’s Development Trust Fund (PDTF).

In a news release on Tuesday, the NAPC said officials of the Landbank had a meeting with NAPC Secretary Lope Santos III about the operations and augmentation of the PDTF.

Trust Account Management Department Vice President lawyer Mario Sabino Jr., Senior Trust Management Officer Miguel Danzalan, and Lending Program Management Group head Crisso Pernito represented Landbank’s Trust Banking Group during the meeting.

The PDTF is a PHP4.5 billion trust fund mandated by Republic Act 8425 for the development and strengthening of microfinance and micro-enterprise services.

Landbank serves as the depository bank while NAPC monitors the implementation of microfinance for capacity building.

It shall be accessed by registered microfinance organizations engaged in providing microenterprise services for poverty reduction and local governments providing microfinance and micro-enterprise programs to uplift the lives of the poor.

Santos said Landbank executives suggested to facilitate the issuance of an executive order to clearly define the bank’s role in the implementation of the PDTF.

“Fulfilling the PDTF is important as it will assist small businesses and cooperatives which do not meet the requirements for credit assistance,” he added.

In October 2023, the NAPC also had a meeting with the Bureau of the Treasury officials about the PDTF, ensuring microfinance and microenterprise services for the poor.

“NAPC remains committed to regaining access to the PHP4.5-billion PDTF mandated by law with hopes of providing better funding support for institutional development and capability-building of program beneficiaries,” Santos said. (PNA)