THE country's two largest state-run banks — Land Bank of the Philippines (LandBank) and Development Bank of the Philippines (DBP) — remain financially sound, a Cabinet official said, amid concerns raised by the International Monetary Fund (IMF) over their hefty contributions to the Maharlika Investment Fund.

'Both state banks have consistently met and exceeded the minimum requirements of the Bangko Sentral ng Pilipinas (BSP) for capital adequacy ratio (CAR), which is a critical benchmark of financial health,' Finance Secretary Ralph Recto said in a statement on Thursday.