Marikina Rep. Stella Quimbo | PHOTO: Facebook page of Teacher Stella Quimbo
MANILA, Philippines 鈥� Marikina City 2nd District Rep. Stella Quimbo urged the House committee on public accounts to probe the Land Bank of the Philippines (Landbank) as its聽lending portfolio showed 61.38 percent of its loans, or P694.55 billion, were allocated to corporations.
In a statement on Wednesday, Quimbo said Landbank focused its resources on corporations,聽鈥渇ailing鈥� to adhere to its mandate of supporting farmers, fishers, and small enterprises and 鈥渘eglecting the very sectors it was created to serve.鈥�
She added that only 0.09 percent of LandBank鈥檚 loans, or P1.07 billion, go to individual farmers, while smaller amounts were allocated to cooperatives and small and midsize enterprises.
鈥淟andBank was created to serve the underserved鈥攏ot to compete with private banks in funding large corporations. Yet today, it has become a profit-driven institution, focused on servicing big businesses while neglecting the sectors that need its support the most,鈥� Quimbo said.
鈥淲e need a full inquiry into how these loans are contracted and utilized,鈥� she added.
Moreover, the lawmaker revealed that LandBank refused to provide critical information.
Quimbo pointed out that the bank鈥檚 鈥渃onfidentiality clauses鈥� do not apply to public loans with taxpayer funds.
鈥淚t is the right of the people to know how their money is being spent. The lack of transparency in LandBank鈥檚 dealings with LGUs is a violation of the people鈥檚 right to information,鈥� she added.
Quimbo urged the LandBank 鈥渢o return to its core mandate of supporting rural development and the marginalized sectors.鈥�