State-run Land Bank of the Philippines’ (Landbank) return to the capital markets in the second half of 2026 may have to be pushed back to early 2027, its top executive revealed.

Landbank President and Chief Executive Officer (CEO) Lynette Ortiz told reporters on the sidelines of the launch of Light Rail Transit Line 2’s (LRT-2) contactless payment system on Monday, July 13, that the lender is still assessing market conditions and looking for an opportunity to issue securities.

“Hopefully early next year,” Ortiz said, referring to the adjusted timeline for the bond issuance.

Ortiz further explained that, as a government financial institution (GFI), Landbank has “more requirements” to comply with before returning to the capital markets. “We need to follow a procurement process,” she said.

Landbank previously raised ₱50 billion from its recent bond offering after a surge in demand from retail and institutional investors.

For the upcoming issuance, Ortiz said it will consist of peso-denominated sustainability debt papers, but there is no target issue size. “No target size, but we hope the market environment will be supportive,” she said. The CEO had earlier hoped to match the size of the recent bond sale.

Ortiz earlier said Landbank was identifying a pipeline of projects focused on agricultural value chains and social development to underpin the new issuance.

Landbank focuses on lending to small farmers and fishers, micro, small, and medium enterprises (MSMEs), local government units (LGUs), agri-projects, and major sectors such as transport, housing, health, education, tourism, and utilities.

Its net earnings climbed by nearly a fourth to ₱44 billion in 2025 from ₱35.5 billion in 2024.

This stronger bottom line enabled Landbank to declare ₱32.3 billion in dividends for remittance to the national coffers, trailing only the Bangko Sentral ng Pilipinas’ (BSP) ₱62.4-billion payout and remaining among the largest dividend remittances from the country’s 50 state-run companies.