MANILA, Philippines — President Rodrigo Duterte has threatened to shut down state-run Land Bank of the Philippines (LBP). You are supposed to finance agricultural enterprises and endeavors,” Duterte said in his fourth State of the Nation Address on Monday. According to the President, the government-owned financial institution was “marred in so many commercial transactions” despite its mandate to help farmers. “It’s called Land Bank. He then urged Congress to just “abolish” LBP if it could not fulfill its mandate.

Source: Philippine Daily Inquirer July 22, 2019 13:07 UTC