For the past three years the Land Bank of the Philippines has incurred losses reaching P27.258 million on a project in Mindanao funded by a $30-million loan from the Asian Development Bank, a report by the Commission on Audit disclosed.

In its latest annual audit report, signed by Cluster Director Tito Na­bua, the commission said the Land­Bank should consider can­celing the loan from the ADB, stressing that the bank could suffer more losses if it continues to underwrite the Mindanao Basic Urban Services Sector (MBUSS).

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