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Manila Bulletin devider Business devider Landbank, DBP won't get capital relief from Maharlika, Consing says

Landbank, DBP won't get capital relief from Maharlika, Consing says

Published Jan 28, 2025 07:21 am

Dividends from the Maharlika Investment Corporation (MIC) will not offer relief for the recapitalization of the Land Bank of the Philippines (Landbank) and the Development Bank of the Philippines (DBP), the head of the sovereign wealth fund stated.

During a Jan. 28 press conference, Rafael Consing, president and CEO of MIC, cleared the questions raised around the potential role of the corporation in the call of the International Monetary Fund (IMF) to restore Landbank and DBP’s capital.

“Just like all other GOCCs [government-owned and -controlled corporations], our dividends are paid to the government directly. So, hence, I don’t see any relief coming from us, but rather, if you look at these banks, they are currently under regulatory relief,” Consing said when asked whether it could potentially support the state-run banks in its recapitalization.

To recall, Landbank and DBP infused P50 billion and P25 billion to the Maharlika Investment Fund (MIF) in 2023. Recently, DBP said it will request an extension of regulatory relief from the central bank, while the Landbank deemed it unnecessary.

Following the regulatory relief for the state-run banks, Consing noted that the banks’ T1 capital “has not in fact suffered because of the fact that they have got their three-year regulatory reprieve.” This, according to him, should not be a problem.

“One way by which they [Landbank and DBP] can increase their capital would be by reducing the dividends that they pay to the government in order to build up their capital base and the rest, I think they can take that from a third party capital,” Consing also added.

Regarding the investments from these banks, Consing clarified that those were handled by the financial institutions, noting that the MIC only appointed the Bureau of the Treasury to be the interim or temporary cash manager of the corporation and others involved.

"What we want to do [with the DBP and Landbank is] not to add impact [to] their liquidity and give them basically by a year, so that once we start deploying, that they can release the funds to us," said Consing.

Under the current structure, the MIC’s dividend payments are directly remitted to the BTr, similar to Landbank , DBP and other government-owned companies.

Related Tags

Development Bank of the Philippines (DBP) LandBank of the Philippines (LANDBANK) Maharlika Investment Corp. (MIC)
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