Finance Secretary Ralph G. Recto
MANILA – Finance Secretary Ralph G. Recto has said the Department of Finance (DOF) is exploring the amendments to the charters of the Land Bank of the Philippines (LandBank) and Development Bank of the Philippines (DBP) "to broaden capital market".
In a statement on Thursday, the finance department said Recto made the statement in his speech at a reception hosted by the Philippine Stock Exchange in its headquarters in Bonifacio Global City on Feb. 21, 2024.
"We are exploring the amendments to the charters of the Land Bank of the Philippines and the Development Bank of the Philippines, including their possible public listing, to broaden the local capital market," said Recto.
In a separate message to reporters, Recto said the DOF "has a draft bill for both" adding that more details will be disclosed soon.
LandBank is the largest development financial institution in the country promoting financial inclusion, digital transformation, and sustainable development to benefit Filipinos.
The DBP on the other hand, is classified as a development bank and may perform all other functions of a thrift bank.
The bank aims to provide banking services principally to cater to the medium and long-term needs of agricultural and industrial enterprises with emphasis on small and medium-scale industries. (PNA)
