Former Secretary of National Defense and senatorial candidate Gilbert ‘Gibo’ Teodoro wants the Land Bank of the Philippines (Landbank) and the Development Bank of the Philippines (DBP) to boost their support for the agriculture sector.

Gibo Teodoro, a former Tarlac congressman, said he wants to review the policy of Landbank and DBP as their primary mandate is to help Philippine agriculture grow.

“Let us review the policy of the Landbank because they are there to really support agriculture. In the same way, the original charter of the DBP was not for profitability in banking terms but support to the economy for long-term growth industries,” Gibo Teodoro said.

“Now, these banks – both Landbank and DBP – their mandates and charter have been changed so much so that they can compete with the commercial banks,” he said.

According to the Bangko Sentral ng Pilipinas, loans disbursed to the agriculture sector and agrarian reform by banks in 2021 amounted to PhP852 billion – lower than the minimum required lending to the sector at PhP1.997 trillion.

One of the advocacies of Gibo Teodoro is to support the agriculture sector to achieve food sustainability in the country. (gibo.ph)