MANILA (UPDATED) - Finance Secretary Carlos Dominguez on Tuesday defended state-owned Land Bank and said the lender was working to finance projects in agriculture.

President Rodrigo Duterte criticized Land Bank during his 4th State of the Nation Address Monday, saying the lender was not doing enough to help farmers.

"What the heck is happening to you? You are supposed to finance agricultural enterprises and endeavors. Bakit wala? (Why none?)" Duterte said in his SONA.

Dominguez, however, said he was in regular contact with the executives of Land Bank and was assured that they were making every effort to finance projects in the agriculture sector.

"The size of the resources of the Bank as the main depository of government accounts makes it necessary for them to deploy their funds to commercial and industrial projects as well as agriculture projects," Dominguez said.

"They are also working closely with the Department of Agrarian Reform to hasten the Distribution of individual land titles to the beneficiaries as a means of improving their bankability," Dominguez added.

Besides lending, Land Bank also performs critical functions such as distributing funds to Pantawid Pamilya and Pantawid Pasada beneficiaries, said Dominguez.

Land Bank meanwhile said that it will comply with Duterte's instruction.

"We shall be submitting the report detailing our plans and programs to further achieve our objective, before the end of the month," the bank said in a statement.