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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