LAND BANK of the Philippines said it released P94.36 billion for various social protection programs in 2019. — BW FILE PHOTO

STATE-OWNED Land Bank of the Philippines (LANDBANK) released a total of P94.36 billion in cash grants to 9,670,434 beneficiaries in 2019 under various social protection programs.

In a statement on Thursday, LANDBANK said they distributed a total of P73.94 billion to 4.4 million beneficiaries of the Conditional Cash Transfer program and P18.15 billion to 5.16 million recipients of the Unconditional Cash Transfer program of the Department of Social Welfare and Development.

Meanwhile, P2.27 billion went to 110,434 recipients of the fuel subsidy program, Pantawid Pasada Program of the Department of Transportation.

“As LANDBANK aggressively pursues programs that intensifies our support to the agriculture sector, we have complemented this with our continuous efforts to support the national developmental agenda especially in alleviating poverty, and to fulfill our function as the main depository and servicing bank of the government,” LANDBANK President and CEO Cecilia C. Borromeo was quoted as saying in the statement.

The recipients of the said programs used LANDBANK automated teller machine cash cards to claim their cash grants.

The state-owned bank booked P18.51 billion in net profit in 2019, up 20% from the P15.48 billion it earned in 2018. — BML