The Market Monitor Minding the Nation's Business
Alex V. Buenaventura recently took his oath of office as the ninth president and CEO of the state-owned Land Bank of the Philippines (LandBank), with a thrust to reinforce the bank’s development mandate anchored on promoting inclusive economic growth especially in the countryside, with a stronger focus on helping farmers and fishers.
“We will build on the gains of LandBank over the years and channel these resources to support the farmers and fishers and other marginalized sectors. Our aim is to triple our lending to small farmers and fishers from P37.9 billion at present to P115 billion by 2022 or in the next six years,” Buenaventura said.
To achieve this goal, Buenaventura explained that a re-engineering of LandBank’s lending to farmers and fishers through cooperatives will be undertaken.
“We will look into reorganizing small farmer cooperatives to enter into ‘contract growing with farm management agreement’ with big agri-buyers/processors of high yielding long-term cash crops. These include cavendish banana, palm oil, rubber and cacao, among others,” he added.
He explains that with this strategy, buyers and processors will totally manage the compact farms of individual small farmers.
The new LandBank president also said that the bank will explore other novel and innovative ways of expanding their support to agriculture.
Buenaventura brings with him 36 solid years of banking experience. Before his appointment as LandBank president, he served as president of One Network Bank Inc. (a rural bank unit of Banco de Oro (BDO)), following BDO’s acquisition of One Network Bank (ONB) in December 2014.
Before this, he served as president of ONB since 2004, leading the bank through its consolidation journey from the synergy of three rural banks – the Rural Bank of Panabo (Davao), Network Rural Bank (Davao), and Provident Rural Bank of Cotabato.
He has worked for and together with various sectors, including small farmers, microenterprises and SMEs, the academe, international organizations for development, civic clubs, and local government units.
He has consistently rallied for the advancement of communities in Mindanao, and is a staunch advocate of inclusive banking and countryside development.