LAND BANK is offering dollar-denominated negotiable certificates of time deposit (NCTDs) to expand its banking operations and to provide an alternative investment instrument to its depositors.

The offer period started on Nov 23 and will end on Dec. 4, during which the final terms of the issue will be announced.

The NCTDs are senior deposit obligations of the Bank which will have a maturity of three years. It is ideal for individuals and corporations that seek medium-term investments offering with higher returns than regular dollar time deposits.

The NCTDs will be offered in minimum denominations of $5,000 and in increments of $1,000 thereafter. Interest will be paid quarterly until they mature in 2012.

The NCTDs are negotiable and transferable in the secondary market via a Market Maker. As a deposit product, the NCTDs will be covered by Philippine Deposit Insurance Corp. up to the specified limits.

For the first nine months of 2009, LandBank posted a net income of P5.4 billion, a 41-percent increase from the P3.8 billion in the same period last year.