Land Bank online banking usage surges

Published June 2, 2021, 12:29 PM

by Chino S. Leyco

State-lender Land Bank of the Philippines said it recorded a sustained surge in usage of its digital and e-banking channels in the first four-months of the year as health and mobility restrictions remain in place.

In a statement, Cecilia C. Borromeo, Land Bank president and chief executive officer said on Wednesday, June 12, that the lender’s five major electronic channels have facilitated 38.89 million transactions amounting to P642.68 billion in January to April 2021.

LandBank President and CEO Cecilia C. Borromeo

Borromeo said the end-April figures were higher by 12 percent and 55 percent year-on-year for volume of transactions and value, respectively.

Land Bank’s five major electronic channels include Mobile Banking App, Electronic Modified Disbursement System (eMDS), Link.BizPortal, iAccess, and weAccess.

Despite the growing popularity of online banking, Borromeo said Land Bank continues to waive fees for online fund transfers of retail clients, covering online fund transfers facilitated through its online banking channels via InstaPay and PESONet, until June 30, 2021,

Meanwhile, Borromeo reported that beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps) in Parañaque City were able to avoid long queues, hours of waiting time, and health risks from COVID-19, by receiving their cash grants thru their cash cards.

The City Government of Parañaque, in partnership with the Department of Social Welfare and Development (DSWD) and Land Bank, successfully disbursed cash grants worth P28 million to 7,118 4Ps beneficiaries in Parañaque City.

The partnership for the online distribution of the cash aid was formalized through a Memorandum of Agreement (MOA) signed between Parañaque City Mayor Edwin L. Olivarez, DSWD Secretary Rolando Joselito D. Bautista, and Borromeo last April 23.

“Since the start of the COVID-19 pandemic, Land Bank has worked closely with various government partners for the immediate and efficient distribution of cash subsidies,” Borromeo said.

“We will continuously leverage on our digital and online platforms to facilitate a safe and secure mode of delivering social amelioration programs,” she added.

Under the agreement, Land Bank facilitated the crediting of financial assistance to the cash card accounts of qualified 4Ps beneficiaries based on the list provided by the Pantawid Pamilya Information System (PPIS) of the DSWD.

The cash assistance in the amount of P1,000 per affected individual, with a maximum amount of P4,000 per family, is part of the national government’s support to low-income families residing in the so-called National Capital Region (NCR) Plus.

To recant, Metro Manila along with Bulacan, Cavite, Laguna, and Rizal were previously placed under enhanced community quarantine (ECQ) on March 29 to April 18, 2021.