MANILA - The Land Bank of the Philippines on Tuesday said they will submit plans for agricultural development and small farmers to President Rodrigo Duterte before the end of July.
"We shall be submitting the report detailing our plans and programs to further achieve our objective, before the end of the month," Landbank said in a statement.
Duterte, during his 4th State of the Nation Address last Monday, threatened to abolish Landbank for not financing agricultural enterprises, which he said the state-run bank is for.
"You know, you are called Land Bank, but you are now the number one commercial bank in the Philippines...you are supposed to finance agricultural enterprises and endeavors. Bakit wala?" Duterte said.
"...Land Bank should go back to land. Why are you mired in so many commercial transactions? Bumalik kayo where you were created for and that is to help the farmers... You better decide on that, I will give you until the end of July to give me a plan or else I will ask Congress to reconfigure you what-not," he said.
Landbank said they will comply with Duterte's order, saying they will help realize the "President's vision" for small farmers and agriculture.
"Landbank has, and will always remain steadfast in pursuing our mandate of helping our small farmers and fishers, and the agricultural sector at large," the state-run bank said.
Duterte also said in jest that if Landbank failed to meet his demands, he will give the bank's money to members of the House of Representatives for their development funds.