Landbank adding 19 more branches

MANILA, Philippines — The Land Bank of the Philippines plans to open 19 more branches across the country to increase Filipinos’ access to financial services.

In a statement, Lanbank president and chief executive officer Alex Buenaventura said the bank is targeting to further expand its branch network in the different areas of the country, including low-class municipalities.

“A number of selected locations for our new branches belong to fourth to sixth class municipalities, the same areas we targeted in our financial inclusion caravan,” Buenaventura said.

“This is still in line with our fervent drive to promote greater financial inclusion, especially among Filipinos in the unbanked and underserved rural areas,” he added.

Buenaventura said the bank plans to open seven new branches in Luzon, two in the Visayas and 10 in Mindanao, for a total of 19 offices.

Landbank is currently the only bank present in all of the country’s provinces, with a total of 380 branches and extension offices, complemented by 1,806 automated teller machines as of the end of February.

It’s newest branch, located in the Island Garden City of Samal – a fourth class city in the province of Davao del Norte – was inaugurated by Buenaventura and Samal Island mayor Al David Uy last March 23.

“With Landbank’s presence in the Island Garden City of Samal, we look forward to be part of and be able to contribute to the economic growth of this city that is rich with potential to be one of our country’s well-loved tourist destinations,” Buenaventura said.

Landbank is the largest provider of loans to small farmers and fishers, cooperatives and local government units in the country.

As of the end of December 2017, the bank’s loans to priority sectors rose 28.1 percent to P564 billion.

This is equivalent to 93.8 percent of the bank’s total portfolio of P601 billion, which Landbank said is the highest share ever recorded by the sector.

Landbank posted a net income of P14.05 billion, four percent higher than the previous year.