LBP to open bank accounts for registrants in PhilSys

Published February 6, 2021, 7:00 AM

by Chino S. Leyco

State-run Land Bank of the Philippines said it will facilitate the opening of bank accounts for registrants to the national identification system to ensure the speedy and efficient delivery of future government assistance programs.

In a statement, Cecilia Borromeo, Land Bank president and chief executive, said the lender has allotted more than P153 million for the hiring of over 1,000 service contract workers (SCWs) who are now being deployed to various locations across the country.

LandBank President and CEO Cecilia C. Borromeo

Borromeo said the SCWs will assist in the opening of transaction accounts for unbanked national ID registrants.

Under the setup, the SCWs, who will augment Land Bank’s existing manpower, will co-locate with the Philippine Statistics Authority (PSA) in national ID registration centers not serviced by the bank’s Agent Banking Partners (ABPs).

The PSA is the lead agency in the nationwide registration of the Philippine Identification System (PhilSys) applicants.

Earlier, the PSA said that of the 10.5 million initial registrants to the PhilSys, more than 82 percent indicated that they do not have bank accounts.

Borromeo said the SCWs will act as frontliners by attending to various queries and requests relating to the opening of accounts and gathering and verifying client information.

She said the SCWs will also help to ensure the strict observance of social distancing and health protocols during the registration process and opening of accounts.

Land Bank will also be offering its Mastercard Prepaid Card to unbanked PhilSys registrants free-of-charge, so that they can later use them to cash-in, cash-out and transfer funds at any of its branches or ABPs.

She said Land Bank’s ABPs, which include cooperatives, associations, small and medium enterprises (SMEs) and private entities, will set up account opening booths to facilitate account application and Know-Your-Customer (KYC) activities at designated co-location areas.

 “As of December 23, 2020, LANDBANK has also on-boarded 136 local government units (LGUs) to assist in the data gathering for future account opening and provision of transaction accounts for unbanked constituents who will be participating in the registration,” Borromeo said.

Land Bank’s Mastercard Prepaid Card can likewise be used by Philsys ID holders to withdraw cash at ATMs and point-of-sale (POS) cash-out terminals, shop online and perform cashless transactions, as well as receive any government subsidy digitally, Borromeo said.

The card is also contactless enabled, which means it can be used for “tap” payments, such as for the Automated Fare Collection System (AFCS) that the government plans to roll out for public utility vehicles (PUVs) within the first half of 2021.

In 2020, the PSA reported completing the initial registration of 10.5 million heads of low-income households in 32 provinces to the PhilSys.

 
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