WITH only three days before Congress takes a break for the holidays, the Senate approved a measure extending the corporate life of state-run Land Bank of the Philippines (Landbank) on third and final reading.
Landbank’s corporate life will end on Aug. 8, 2013. RA 3844, enacted in 1963, created the bank and gave it a “legal existence… for a period of fifty years counting from the date of the approval hereof.”
Reconciliation of SB 2944 and its counterpart, House Bill (HB) No. 5461, approved on third reading on Dec. 13, 2011, will take place in January, according to Senator Sergio R. Osmeña III, chairman of the Senate banks, financial institutions and currencies committee, in a text message yesterday
Lawmakers go on break for the holidays on Thursday and reconvene on Jan. 21.
Mr. Osmeña pointed out SB 2944 gives Landbank a corporate life of “50 plus 50 years,” while the “House provides only 50 years.”
He was nonetheless sure the measure “will pass this Congress.”
The country’s fourth largest bank in asset terms, Landbank fulfills a developmental role by extending loans to farmers, fisherfold, small businesses, local government units and state firms.
It is one of the country’s most profitable banks, earning P7.6 billion in the three quarters to September, 7% more year-on-year. — K. M. P. Tubadeza
Article lifted from http://www.bworldonline.com/