State-run Land Bank of the Philippines welcomed the recent upgrade on its outlook to stable by global credit watcher Fitch Ratings, saying it is a vote of confidence on its financial stability and resilience.
Fitch, in report published on May 30, 2023, affirmed the bank’s long-term issuer default ratings at “BBB” or investment grade and government support rating at “bbb.”
LandBank president and chief executive Lynette Ortiz said the improved outlook from Fitch was a welcome vote of confidence for its robust financial stability and resilience to withstand external and domestic economic headwinds.
“With solid state backing, we will intensify our support to the country’s priority programs and initiatives, towards expediting our complete resurgence from the global pandemic,” Ortiz said.
Fitch considered LandBank’s “strategic and growing policy roles, 100-percent state ownership as well as its systemic importance as the largest state-owned bank in the country, with market share of about 14 percent of system assets.”