Home Economy LandBank Launches Sustainable Time Deposit ProductDOJ Charges Ship Owners and Officers Over...

LandBank Launches Sustainable Time Deposit ProductDOJ Charges Ship Owners and Officers Over Major Mindoro Oil Spill

MANILA - The Land Bank of the Philippines (LANDBANK) introduced a new sustainable time deposit product named GreenGrowth Deposit, aimed at supporting social and environmental projects.

According to Philippines News Agency, the product offers a fixed one-year term with a minimum placement of PHP50,000 and an interest rate of 2.25 percent per annum, with the rate increasing to up to 4.25 percent for deposits of PHP5 million and above.

The initiative is part of LANDBANK's commitment to sustainable financing, targeting renewable energy projects, green technologies, and other eco-friendly initiatives, alongside community-centric programs focused on social welfare enhancement. LandBank President and CEO Lynette Ortiz expressed the bank's dedication to fostering a greener and more sustainable future, encouraging customers to contribute to meaningful change through their deposits. The GreenGrowth Deposit is available for online account opening via the LandBank Digital Onboarding System, with completion of the account setup possible at any of the bank's 607 branches nationwide.

MANILA - The Department of Justice (DOJ) has directed the filing of criminal charges against the owners of the M/T Princess Empress, its corporate officers, and several maritime personnel in connection with last year's oil spill that severely impacted the provinces of Oriental Mindoro and Batangas.

According to Philippines News Agency, the charges levied include multiple counts of falsification of private and public documents, as well as the use of falsified documents. Those indicted encompass corporate officers and employees of RDC Reield Marine Services, Inc., the company owning the M/T Princess Empress, along with 19 Philippine Coast Guard (PCG) personnel and two officials from the Maritime Industry Authority (MARINA).

The oil spill, resulting from the sinking of the oil tanker on February 28, spread over more than 75 kilometers of coastline, adversely affecting 42,400 families across 107 areas in Oriental Mindoro, Palawan, Antique, and Batangas. The DOJ statement highlighted that the panel of prosecutors, after a thorough review of affidavits and evidence, found irregularities in documents related to the ship's construction and its certificate of public convenience.

Justice Secretary Jesus Crispin Remulla emphasized the gravity of the situation, stating that negligence is no excuse for environmental destruction and the endangerment of people's livelihoods. He underscored the importance of diligence both on land and at sea to prevent such disasters.

The filing of these charges follows investigations by the National Bureau of Investigation and complaints from officials of the affected local government units, marking a significant step towards accountability in one of the country's significant environmental crises.