Landbank, UCPB leasing merger completed

MANILA, Philippines — The merger of the leasing and financing divisions of the Land Bank of the Philippines (Landbank) and the United Coconut Planters Bank (UCPB) has been completed. 

In a statement, Landbank said the consolidation of Land Bank Leasing and Finance Corp. (LLFC) and UCPB Leasing and Finance Corp. (ULFC) has been concluded following the approval of the Securities and Exchange Commission (SEC). 

This followed President Marcos’ issuance of Executive Order 65 in August 2024 that merged the two, with LLFC as the surviving entity, in a bid to eliminate unnecessary overlap in mandates and functions.

Both attached to the Department of Finance, the entities extend credit to businesses for the acquisition of equipment and other assets.

Landbank president and CEO Lynette Ortiz said the merger is a strategic step toward strengthening leasing and finance operations and ensuring greater efficiency and financial capability to support key sectors. 

“With this, we are optimizing resources, expanding market reach and bolstering our contribution to the government’s inclusive growth agenda,” Ortiz said. 

The consolidation likewise aligns with the government’s effort of strengthening state-owned financial institutions by enhancing their capital base and operational efficiency.

It also positions LLFC to scale up support for agriculture, infrastructure development, and small and medium enterprises.

Marcos earlier directed the absorption of qualified officers and employees from the ULFC, subject to the possession of the necessary service eligibility and other requirements prescribed for the positions.

Landbank assured clients of both LLFC and ULFC that the merger was designed for a smooth and orderly transition, ensuring uninterrupted customer service.