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Manila Bulletin devider Business devider Landbank ups withdrawal transactions, removes fees

Landbank ups withdrawal transactions, removes fees

Published Oct 26, 2022 02:00 pm

Government-controlled Land Bank of the Philippines (Landbank) has increased the amount that can be withdrawn from its automated teller machines (ATMs) to P20,000 from P10,000 limit per day to allow more access to credit of state beneficiaries.

In a statement on Wednesday, Oct. 26, Landbank also said it is removing service fees for prepaid cardholders that will transact from 7-Eleven convenience store ATMs.

Land Bank of the Philippines

This will benefit all Landbank regular ATM and debit cardholders that will perform cash withdrawal and balance inquiry free-of-charge in 1,980 7-Eleven ATMs in Metro Manila, CALABARZON, Pampanga, Bataan and Cebu.

Landbank President and CEO, Cecilia C. Borromeo said strategic partnerships such as with 7-Eleven will accelerate financial inclusion in the country.

“We are committed to expand the accessibility of our services, especially to the unbanked and underserved,” said Borromeo.

Landbank has partnered with Pito Axm Platform Inc., the operator of 7-Eleven ATMs in the Philippines, in May of this year. Landbank currely operates 2,899 ATMs nationwide.

Borromeo expects that some 8.3 million previously unbanked that were onboarded by Landbank as Philippine Identification System (PhilSys) Project registrants will also benefit from these partnerships.

Landbank is giving unbanked PhilSys registrants with their own transaction accounts to bring more Filipinos into the formal banking system, said the bank.

There are about 10 million Landbank prepaid cardholders as of end-September this year. These customers avail of the Conditional Cash Transfer and Unconditional Cash Transfer Programs of the Department of Social Welfare and Development (DSWD).

Landbank is the main distribution arm for the government’s social amelioration programs to vulnerable sectors severely affected by the Covid-19 pandemic, including the regular DSWD distribution of financial aid under its social protection programs.

It is also working with the Department of Transportation and the Land Transportation Franchising and Regulatory Board for the delivery of fuel subsidy to public utility vehicle drivers.

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