»Mandate and History

 

I. INTRODUCTION
LBP LEASING AND FINANCE CORPORATION (LLFC, formerly LBP Leasing Corporation), a wholly owned subsidiary of Land Bank of the Philippines (LANDBANK) was registered with the Securities and Exchange Commission (SEC) on March 17, 1983 under SEC Registration No. 111115.

II. HISTORY
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).

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).

LLFC's Articles of Incorporation was amended and approved by SEC on 03 November 2015 with the following amendments:
1. Change of name to LBP Leasing and Finance Corporation; and
2. Amendment of Articles I, II, and III thereof;
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