and associations to facilitate production, marketing of crops and acquisition of essential commodities. LandBank was also required by the decree to provide timely and adequate support in all phases involved in the execution of agrarian reform and also increased its authorized capital to 3 billion pesos. It also became exempted from all national, provincial, city and municipal taxes and assessments. LandBank was reorganized in 1977 when it was divided into three sectors to better assess the needs of its customers. It was divided into Agrarian, Banking and Operations sectors to strengthen operations and ensure long-term viability. In 1982, the Agricultural Credit Administration (ACA), established under the same law as LandBank, was abolished and all its assets and functions transferred to LandBank. ACA's function was to extend credit to small farmers. Also in this year, Union Bank of the Philippines (UnionBank) was formed, with LandBank having a 40-percent stake in the government-owned commercial bank. LandBank became the financial intermediary for the Comprehensive Agrarian Reform Program (CARP) in 1988. It was also in that year that UnionBank started a gradual privatization. The Aboitiz Group of Companies acquired LandBank's 40% share of UnionBank then which it continues to own. LandBank also became the third member of Expressnet, an interbank network in December 1991 but now a BancNet member. On February 23, 1995, LandBank's charter was once again amended. Its authorized capital was increased to nine billion pesos and it became an official government depository. The number of members of the board of trustees was also increased to nine. On August 25, 1998, LandBank's authorized capital was once again increased to 25 billion pesos, and it then increased to 200 billion pesos, after the planned DBP–LandBank merger in 2016. In 2014, LandBank was planned to be merged with the Development Bank of the Philippines (DBP). President Benigno Aquino III signed Executive Order No. 198 on February 4, 2016, to give way on the merger, with the former as the surviving entity. However, the Duterte administration canceled the merger later that year. On June 25, 2021, President Rodrigo Duterte signed Executive Order No. 142 which mandates the merging of LandBank with the United Coconut Planters Bank (UCPB), with LandBank as the surviving entity. Current operations LandBank competes against the major banks such as Metrobank, Bank of the Philippine Islands (BPI), Banco de Oro and Philippine National Bank (PNB). In rural areas, it either competes against