Landbank is highest cash dividend remitter to gov’t

Landbank is the highest cash dividend remitter to the national government for the fourth straight year, handing 16.6 billion in cash dividends from its earnings in 2015. The bank reported a net income of 113.3 billion in 2015, higher by 10 percent from 112.1 billion in 2014.

“Landbank is pleased to have once again contributed the highest cash dividend from our robust earnings in 2015, as we continue to do our part to support the government’s revenue generation initiatives for the expansion of development projects and social services to Filipinos,” said Landbank President and CEO Gilda E. Pico.

Landbank has consistently remitted one of the highest dividends for the past six years, with a total of 133.5 billion in cash dividends turned over to the national government since 2010.

Under Republic Act No. 7656, GOCCs and GFIs are required to remit at least half of their annual net earnings as dividends to the national government. The dividend should be in the form of cash, stocks or property.

A total of 142 billion was recently remitted by 54 government-owned and controlled corporations (GOCCs) to the national government during the celebration of GOCC Day 2016 in Malacañang.

Landbank is the single largest lender to small farmers and fishers and the leading provider of financial assistance to MSMEs among GOCCs and government financial institutions. It is also the biggest credit provider to the LGU sector, financing projects in agri-infrastructure, agri-business, schools and hospitals, farm-to-market roads, housing and livelihood, and other development projects.

Landbank uses the profits generated from its commercial banking operations to sustain its development initiatives in the countryside.