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IMF urges restoration of LandBank, DBP capital after Maharlika Fund infusions
The International Monetary Fund (IMF) has recommended the swift restoration of capital for Land Bank of the Philippines (LandBank) and Development Bank of the Philippines (DBP) after their contributions to the Maharlika Investment Fund (MIC).
Both state-owned banks provided initial funding to the MIC, with LandBank contributing P50 billion and DBP P25 billion.
The banks had sought regulatory relief from the Bangko Sentral ng Pilipinas (BSP) in 2023 due to these infusions potentially making them non-compliant with central bank regulations.
The IMF stressed that while the MIC can help address investment needs, it should not compromise the financial system's resilience, a sound regulatory framework, or a level playing field.
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The Maharlika Investment Corporation (MIC) confirmed that the P75 billion in capital contributions from Land Bank of the Philippines (LandBank) and the Development Bank of the Philippines (DBP) have been infused into the Maharlika Fund and are non-refundable.
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Land Bank of the Philippines (Landbank) affirmed its financial stability despite transferring PHP50 billion to the Maharlika Investment Fund (MIF).
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