Mandate and History
LBP LEASING AND FINANCE CORPORATION (LLFC, formerly LBP Leasing Corporation), a wholly owned subsidiary of Land Bank of the Philippines (LANDBANK) was established under the Corporation Code of the Philippines on March 17, 1983 to complement the product lines being offered by the Bank.
LLFC's leasing facilities make it easier for enterprises to expand, upgrade, or modernize their operations. Among others, leasing enables enterprises to:
- Match financing terms with the earning potential of the capital asset.
- Preserve working capital and credit lines.
- Address existing or current budget limitation; and
- Obtain financing with no collateral
A. Historical Background
The creation of LBP Leasing and Finance Corporation was in line with Section 21-A of Republic Act No. 337 or the General Banking Act which allows banks such as LANDBANK to invest in equities of companies with allied undertaking such as leasing activities.
The Corporation was created by LANDBANK to provide support to Land Bank and its clients thru financing and leasing (both financial and operating facilities). It has a secondary license to operate as a Finance Company from the Securities and Exchange Commission (SEC).
LLFC was organized as a fully owned subsidiary of Land Bank of the Philippines (LBP) with an initial paid-up capital of Two Million Nine Hundred Pesos (P2,000,900.00) and authorized capital of Twenty-six Million Pesos (P26,000,000.00).
In year 1997, SEC approved the increase of authorized capital to Five Hundred Million Pesos (P500,000,000.00) and subscribed capital stock to Eight Million Nine Hundred Pesos (P8,000,900.00). As of December 31,2018, the subscribed capital stock of the company amounted to Four Hundred Eighty-Five Million Five Hundred Fifty-Two Thousand Five Hundred Fifty Pesos (P485,552,550.00).
LLFC's Articles of Incorporation was amended and approved by SEC on 03 November 2015 with the following amendments:
- Change of name to LBP Leasing and Finance Corporation
- Amendment of Articles I, II, and III thereof.
B. LEGAL BASIS
LLFC was registered with the Securities and Exchange Commission on under SEC Registration No. 111115 on17 March 1983. It was incorporated under the provision of Batas Pambansa Blg. 68, otherwise known as the "Corporation Code of the Philippines".
LLFC was authorized by SEC to operate as a financing company in accordance with the Financing Company Act of 1998 (Republic Act No. 8556 and its implementing rules and guidelines) under Certificate of Authority No. 042 on 18 March 1983. A replacement certificate was issued on 8 December 2015 to reflect the amendment of Corporate's name, primary purpose and corporate address.
III. PRIMARY PURPOSE
Based on the Amended Articles of Incorporation approved by SEC on November 3, 2015, LLFC's primary purposes are as follows:
- Engage in direct leasing or financial leasing and to arrange or underwrite and administer leases of all kinds of equipment, machines, vehicles, facilities, appliances and all types of personal and real properties.
- Engage in the business of financing merchandise in all their various forms.
- Extend credit facilities for, and otherwise assist in the establishment, operation, development, expansion and/or reorganization of industrial, commercial, agricultural and other productive or profitable enterprises.
- Within the limits allowed by law, to make loans with or without such security as the Board of Directors may think fit.
- To the extent permitted by law, raise funds for the company's operations through the issuance of debt instruments and/or securitization of its assets.
Board of Directors as of July 31, 2020
|Dir. Cecilia C. Borromeo||Chairperson||8551-2200|
|Dir. Edward John T. Reyes||Vice-Chairperson||09189220937|
|Dir. Francisco J. Leonor Jr.||Member||8818-2200|
|Dir. Fritz M. Salazar||Member||09176237673|
|Dir. Roberto U. Teo||Member||09177005447|
|Dir. Conrado S. Minano, Jr.||Member||09177454007|
|Dir. Leticia V. Damasco||Member||09175661534|
|Dir. Virgilio M. Sangutan||Member||09959058414|
|Dir. Nanziancino M. Dilay, Jr.||Member||09178988051|
|Dir. Edgar Crisanto R. Violan||Member||09177123529|
|Dir. Michael P. Arañas||Member||09303547639|
|Francisco J. Leonor Jr.||President/CEO|
|Atty. Felix L. Manlangit||Corporate Secretary|
|Riza M. Hernandez||Treasurer/Head-Account Servicing Group|
|Fidelito G. Magno||Head-Account Management Group|
|Raizza L. Gonzales||Head-Corporate Services Group/Data Protection Officer|
|Peter Paul I. Rigor||Head-AMG Team B|
|Don V. Sumadchat||Head-Risk Management Office|
|Luz M. Narciso||Compliance Officer|
Table of Organization
To provide accessible, affordable and responsive non-bank financial services to government offices and LBP borrowers in support of the National Government Agenda.
To be among the top 5 biggest leasing and finance companies in the country by 2022.
LBP Leasing and Finance Corporation shall be a:
Solution – Provider
LLFC will be innovative and creative in packaging facilities responsive to the needs of its clients.
LLFC will be an organization that enhances the worth of its people, both as professionals and individuals.
LLFC will continuously look for improvements in its operations and strive for perfection.
Financially Sound and Strong Institution
LLFC will continuously achieve profitability level desired by its stockholders.
LLFC will maintain a sound financial position that will make it attractive to lenders and investors.
Socially Responsible Organization
LLFC shall always be conscious of its responsibility to country and society.
LLFC shall work as a team to satisfy the needs of its clients.
LLFC will adopt appropriate technology in communication and information systems to enhance operational efficiency to serve better its clients.