this article has multiple issues . please help improve it or discuss these issues on the talk page . learn how and when to remove these template messages this article relies largely or entirely upon a single source . relevant discussion may be found on the talk page . please help improve this article by introducing citations to additional sources . june 2013 this article includes a list of references but its sources remain unclear because it has insufficient inline citations . please help to improve this article by introducing more precise citations . april 2014 learn how and when to remove this template message learn how and when to remove this template message land bank of the philippines land bank office in manila type state owned industry finance and insurance founded 1963 in manila philippines headquarters manila philippines key people andres c. sarmiento president 1 carlos g. dominguez chairman products financial services revenue 31.37 billion 2009 net income 6.76 billion 34 % 2009 2 number of employees 7 954 when website www.landbank.com land bank of the philippines filipino bangko sa lupa ng pilipinas spanish banco hipotecario de filipinas stylized as landbank or also known by its initials lbp is a universal bank in the philippines owned by the philippine government with a special focus on serving the needs of farmers and fishermen . while it provides the services of a universal bank it is officially classified as a specialized government bank with a universal banking license . landbank is the third largest bank in the philippines in terms of assets and is the largest government owned bank . it is also one of the biggest government owned and controlled corporations in the philippines . unlike most philippine banks land bank has an extensive rural branch network with 347 branches and 1328 atms . it services many rural sector clients in areas where banking is either limited to rural banks or is non existent . in 2015 it was planned to merged with dbp but it had not pushed through . 3 one year later on february 4 2016 president benigno aquino iii approved the executive order 198 on the merger between land bank and the dbp with the former as the surviving entity . 4 contents 1 history 2 current operations 3 subsidiaries and affiliates 4 see also 5 references 6 external links history edit landbank was established on august 8 1963 as part of the agricultural land reform code as part of a program of land reform in the philippines . it was to help with the purchase of agricultural estates for division and resale to small landholders and the purchase of land by the agricultural lessee . in 1965 landbank s by laws were approved and its first board of trustees was formed with the secretary of finance as chairman . on october 21 1972 presidential decree no. 27 signed by president ferdinand marcos emancipated all tenant farmers working on private agricultural lands devoted to rice and corn whether working on a landed estate or not . the system was implemented through a system of sharecropping or lease tenancy . landbank was tasked to collect 15 year land amortizations from beneficiaries at the cost of the value of the land plus six percent interest per annum . by 1973 landbank was in financial distress . it lacked the resources and the capital needed to implement the land reform programs and lacked the structure to implement the programs efficiently . on july 21 marcos signed presidential decree no. 251 which revitalized the bank . the decree granted landbank a universal banking license the first bank in the philippines to be issued such a license with a social mission to spur countryside development . the decree expanded landbank s powers to include lending for agricultural industrial homebuilding and home financing projects and other productive enterprises as well as lending to farmers cooperatives and associations to facilitate production marketing of crops and acquisition of essential commodities . landbank was also required by the decree to provide timely and adequate support in all phases involved in the execution of agrarian reform and also increased its authorized capital to 3 billion pesos . it also became exempted from all national provincial city and municipal taxes and assessments . landbank was reorganized in 1977 when it was divided into three sectors to better assess the needs of its customers . it was divided into agrarian banking and operations sectors to strengthem operations and ensure long term viability . in 1982 the agricultural credit administration aca established under the same law as landbank was abolished and all its assets and functions transferred to landbank . aca s function was to extend credit to small farmers . also in this year union bank of the philippines unionbank was formed with landbank having a 40 percent stake in the government owned commercial bank . landbank became the financial intermediary for the comprehensive agrarian reform program carp in 1988 . it was also in that year that unionbank started a gradual privatization . the aboitiz group of companies acquired landbank s 40 % share of unionbank then which it continues to own . landbank also became the third member of expressnet an interbank network in december 1991 but now a bancnet member . on february 23 1995 landbank s charter was once again amended . its authorized capital was increased to nine billion pesos and it became an official government depository . the number of members of the board of trustees was also increased to nine . on august 25 1998 landbank s authorized capital was once again increased to 25 billion pesos and it then increased to 200 billion pesos after the dbp land bank merger in 2016 . current operations edit land bank branch in siniloan laguna landbank competes against the major banks such as metrobank bpi banco de oro and philippine national bank . in rural areas depending on the situation it either competes against or complements rural banks . on the other end of the spectrum landbank takes on a dual role with the development bank of the philippines which is another government owned bank . it either competes against or works with dbp depending on the situation involved . subsidiaries and affiliates edit landbank has the following subsidiaries and affiliates lbp leasing corporation lbp insurance brokerage lbp resources and development corporation former lb land bank realty development corporation masaganang sakahan inc. lbp countryside development foundation inc. see also edit list of banks in the philippines expressnet bancnet references edit santiago joann 16 july 2016 . new landbank president appointed . philippines news agency . retrieved 17 july 2016 . http www.landbank.com about financialhighlights.asp landbank dbp merger shelved for now . businessworld . retrieved 5 january 2016 . aquino oks landbank dbp merger . rappler . february 9 2016 . retrieved february 9 2016 . external links edit landbank website largest banks in the philippines 2009 v t e banks in the philippines bangko sentral ng pilipinas universal banks asia united bank bdo bpi chinabank eastwest bank metrobank pnb philtrust psbank rcbc security bank unionbank ucpb government banks al amanah islamic investment bank of the philippines dbp landbank postalbank commercial banks bank of commerce chinatrust citibank hsbc maybank pbcom robinsons bank standard chartered bank veterans bank thrift banks bpi direct savings bank china bank savings citystate equicom philippine business bank plantersbank security bank savings other banks cooperative banks rural banks defunct allied bank merged with pnb banco filipino equitable pci bank merged with bdo v t e land reform in asia sovereign states afghanistan armenia azerbaijan bahrain bangladesh bhutan brunei cambodia china cyprus east timor timor leste egypt georgia india indonesia iran iraq israel japan jordan kazakhstan north korea south korea kuwait kyrgyzstan laos lebanon malaysia maldives mongolia myanmar nepal oman pakistan philippines qatar russia saudi arabia singapore sri lanka syria tajikistan thailand turkey turkmenistan united arab emirates uzbekistan vietnam yemen states with limited recognition abkhazia nagorno karabakh northern cyprus palestine south ossetia taiwan dependencies and other territories british indian ocean territory christmas island cocos keeling islands hong kong macau retrieved from https en.wikipedia.org w index.php title land bank of the philippines & oldid 731793336 categories land reformagriculture in the philippinesbanks of the philippinesgovernment owned and controlled corporationscompanies based in manilabanks established in 1963hidden categories articles needing additional references from june 2013all articles needing additional referencesarticles lacking in text citations from april 2014all articles lacking in text citationsvague or ambiguous time from july 2016pages using infobox company with unsupported parameters navigation menu personal tools not logged 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