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The notes summarize compliance with Philippine Financial Reporting Standards, preparation on a historical cost basis, functional currency treatment for the Regular Banking Unit and Foreign Currency Deposit Unit, consolidation principles, and accounting for the UCPB merger and acquisition including the recognition of gain on bargain purchase.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/land-bank-of-the-philippines-notes-to-financial-statements-december-31-2021-and-2020/171872/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/land-bank-of-the-philippines-notes-to-financial-statements-december-31-2021-and-2020/171872.png","ImageObject",442,249,{"name":88,"@type":89},"Jacob","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/vnd.openxmlformats-officedocument.wordprocessingml.document","2026-10-03","2026-09-01",true,{"@type":98,"interactionType":99,"userInteractionCount":47},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What standards govern the preparation of the Land Bank of the Philippines financial statements?","Question",{"text":108,"@type":109},"The consolidated financial statements of the Group and the Parent are prepared in compliance with Philippine Financial Reporting Standards (PFRSs).","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"How are the Regular Banking Unit (RBU) and Foreign Currency Deposit Unit (FCDU) treated for financial reporting?",{"text":113,"@type":109},"The functional currency is Philippine Peso for the RBU and USD for the FCDU; FCDU accounts and foreign-currency items in the RBU are translated into Philippine peso using BAP closing and weighted average rates.",{"name":115,"@type":106,"acceptedAnswer":116},"What transaction led to the recognition of a gain on bargain purchase?",{"text":117,"@type":109},"The acquisition of UCPB as a subsidiary under the approved merger involved measuring identifiable assets and liabilities and recognizing a Gain on Bargain Purchase of P11,999,456,312 when net identifiable assets exceeded the consideration transferred.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},171872,1788287461,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":50,"category_name":51,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":47,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":125,"read_time":140},962084931830,"https://ap-avatar.wpscdn.com/davatar_a8503ba1806abce46bf441b54a3ca4cd","LAND BANK OF THE PHILIPPINES\nNOTES TO FINANCIAL STATEMENTS\nDECEMBER 31, 2021 AND 2020\n(All amounts in Philippine Peso unless otherwise stated)\nCorporate Information\nThe Land Bank of the Philippines (“LBP” or “Parent”) is a financial institution wholly-owned by the National Government.  The Parent was established in 1963 as the financial intermediary of the Land Reform Program of the government.  Later, it became the first universal bank by charter with expanded commercial banking powers to sustain its social mission of spurring countryside development.\nThe Parent is a depository bank of the government and its various instrumentalities.  The Parent services the requirements of the national government, local government units and government-owned and controlled corporations.  As of December 31, 2021, 65 per cent of the deposit portfolio came from the government while the rest came from private depositors.\nThe Parent and its Subsidiaries (Group) are engaged in the business of banking, financing, leasing, real estate, insurance brokering and other related services to personal, commercial, corporate and institutional clients.  The Group’s products and services include deposit-taking, lending and related services, treasury and capital market operations, trade services, payments and cash management, and trust services.\nThe Parent’s principal office of business is located at the LANDBANK Plaza, 1598 M.H. Del Pilar corner Dr. J. Quintos Streets, Malate, Manila.\nThe accompanying comparative financial statements of the Parent were authorized for issue by the Parent’s Board of Directors on July 22, 2022 while those of the subsidiaries were approved for issue by their respective Board of Directors on various dates.\nSummary of Significant Accounting Policies\n2.1\tStatement of Compliance\nThe consolidated financial statements of the Group and of the Parent have been prepared in compliance with the Philippine Financial Reporting Standards (PFRSs).\n2.2\tBasis of Financial Statements Preparation\nThe accompanying financial statements have been prepared on a historical cost basis unless stated otherwise.\nThe financial statements of the Parent include the accounts maintained in the Regular Banking Unit (RBU) and Foreign Currency Deposit Unit (FCDU). The financial statements individually prepared for these units are combined after eliminating inter-unit accounts.\nThe functional currency of RBU and FCDU is Philippine Peso and United States Dollar (USD), respectively. For financial reporting purposes, FCDU accounts and foreign currency-denominated assets and liabilities in the RBU are translated in Philippine Peso based on the Bankers Association of the Philippines (BAP) closing rate prevailing at end of the year and at the BAP Weighted Average Rate for the year for income and expenses.\nThe consolidated financial statements are presented in Philippine peso and all values are rounded to the nearest peso except when otherwise indicated.\n2.3\tBasis of Consolidation\nThe consolidated financial statements include the financial statements of the Parent and the following subsidiaries:\nThe consolidated financial statements were prepared using consistent accounting policies for like transactions and other events in similar circumstances.  All significant inter-company balances and transactions have been eliminated in consolidation.\nAcquisition of United Coconut Planters Bank (UCPB) as Subsidiary\nUnited Coconut Planters Bank (UCPB), a universal bank incorporated in the Philippines on May 10, 1963. On May 2, 2012, a resolution was unanimously approved at a special meeting of stockholders, extending the life of the UCPB for another 50 years from and after May 10, 2013, and for this purpose, amending the UCPB’s Articles of Incorporation.  On August 14, 2012, the Philippine Securities and Exchange Commission (SEC) approved the extension of the UCPB’s corporate life for another 50 years up to 2063.\nOn 25 June 2021, President Rodrigo R. Duterte signed Executive Order No. ","cbCaijzt5oR8ra2c","https://ap.wps.com/l/cbCaijzt5oR8ra2c","docx",219936,82,"English","# Corporate Information\n## Summary of Significant Accounting Policies\n### Statement of Compliance\n### Basis of Financial Statements Preparation\n### Basis of Consolidation\n# Acquisition of United Coconut Planters Bank (UCPB) as Subsidiary\n## Gain on Bargain Purchase","[{\"question\":\"What standards govern the preparation of the Land Bank of the Philippines financial statements?\",\"answer\":\"The consolidated financial statements of the Group and the Parent are prepared in compliance with Philippine Financial Reporting Standards (PFRSs).\"},{\"question\":\"How are the Regular Banking Unit (RBU) and Foreign Currency Deposit Unit (FCDU) treated for financial reporting?\",\"answer\":\"The functional currency is Philippine Peso for the RBU and USD for the FCDU; FCDU accounts and foreign-currency items in the RBU are translated into Philippine peso using BAP closing and weighted average rates.\"},{\"question\":\"What transaction led to the recognition of a gain on bargain purchase?\",\"answer\":\"The acquisition of UCPB as a subsidiary under the approved merger involved measuring identifiable assets and liabilities and recognizing a Gain on Bargain Purchase of P11,999,456,312 when net identifiable assets exceeded the consideration transferred.\"}]","Land Bank of the Philippines Notes to Financial Statements - December 31, 2021 and 2020 | DOCX",29]