To continue helping clients cope with the impact of the COVID-19 pandemic, the Land Bank of the Philippines (LANDBANK) is granting a two-month grace period on loan and credit card payments.
LANDBANK is providing a one-time 60-day moratorium for all existing, current, and outstanding loans falling due from September 15 until December 31, 2020, without incurring interest on interests, penalties, fees, or other charges. This is in support of the implementation of Republic Act No. 11494 or the “Bayanihan to Recover as One (BARO) Act.”
Credit card transactions made, including fees or charges incurred, prior to September 15 shall also be covered by the moratorium. For credit card payments, any unpaid balance from transactions and fees or charges shall not incur interest or finance charges during the mandatory grace period. However, after the end of the applicable grace period, the said unpaid balance shall incur interest or finance charges if not paid in full on new due date.
“LANDBANK understands how providing loan relief can significantly support our clients during these difficult times. We look to ease their financial concerns as we continue navigating the challenges of this pandemic,” said LANDBANK President and CEO Cecilia C. Borromeo.
LANDBANK will apply the 60-day grace period automatically, without the need for borrowers and credit card holders to apply or request for the relief measure. However, for LANDBANK credit cardholders with Automatic Debit Arrangements (ADA) for payments, they must inform the Bank that they would like to avail of the relief.
The grace period shall commence from the payment due date of loans, with principal and/or interest, including amortizations, falling due from September 15 until December 31, 2020.
Meanwhile, credit card transactions made on and after 15 September are no longer covered by the BARO Act and shall continue to incur interest or finance charges if not fully paid on or before its original due date.
LANDBANK previously granted a similar grace period for loan payments falling due from March 18 to June 30, 2020, in support of Republic Act No. 11469 or the “Bayanihan to Heal as One Act.” Loan accounts that benefitted from this grace period will also benefit from the BARO Act if it remains an existing, current, and outstanding loan as of September 15, 2020.
Meanwhile, fund transfer fees are still waived for InstaPay and PESONet transactions until December 31, 2020.
For more information on LANDBANK’s 60-day grace period for loan and credit card payments, please visit the LANDBANK website at www.landbank.com/faqs.
LANDBANK opens Himamaylan Branch-Lite in Negros Occidental
Himamaylan City Mayor Rogelio Raymund I. Tongson, Jr. (2nd from left) and LANDBANK West Visayas Branches Group Head First Vice President Delma O. Bandiola (3rd from left) led the inauguration of the new LANDBANK Himamaylan Branch-Lite in Himamaylan City, Negros Occidental. They are joined by (from left to right) Himamaylan City Vice Mayor Justin Dominic S. Gatuslao, LANDBANK Kabankalan Branch Head Dulce Joy J. Gayat, and LANDBANK Himamaylan Branch-Lite Head Melchor P. Genada, Jr. HIMAMAYLAN CITY, Negros Occidental – State-run Land Bank of the Philippines (LANDBANK) officially opened in this city the LANDBANK Himamaylan Branch-Lite on November 10, 2020, its 11th in the Province. This brings the number of LANDBANK’s branches and extension offices to 412 across all 81 provinces nationwide, complemented by 53 Lending Centers and 2,266 ATMs. The inauguration was led by Himamaylan City Mayor Rogelio Raymund I. Tongson, Jr. and LANDBANK West Visayas Branches Group Head First Vice President Delma O. Bandiola. They were joined by Himamaylan City Vice Mayor Justin Dominic S. Gatuslao, LANDBANK Kabankalan Branch Head Dulce Joy J. Gayat, and LANDBANK Himamaylan Branch-Lite Head Melchor P. Genada, Jr. “The establishment of the LANDBANK Himamaylan Branch-Lite is an important development for our city. Thank you very much to LANDBANK for helping Himamaylanons and the rest of our city grow,” Mayor Tongson said. LANDBANK Himamaylan Branch-Lite will augment and further improve the efficiency of LANDBANK Kabankalan Branch, and will cater to the banking needs of Himamaylan City, and the Municipalities of Binalbagan, Hinigaran, and Isabela, covering a total of 89 barangays, including other government agencies. The Branch-Lite is also expected to bring LANDBANK’s banking services closer to around 5,000 Himamaylanon farmers; 3,600 fishers; and 5,000 beneficiaries of the Department of Social Welfare and Development’s (DSWD) Unconditional Cash Transfer (UCT) Program in the City. “We hope that LANDBANK’s presence in Himamaylan will further spur economic growth and agricultural production in the city. As their partner towards inclusive and sustainable development, LANDBANK is committed to assist Himamaylan City in achieving its full potential through our banking services,” said LANDBANK FVP Bandiola. The Branch-Lite is equipped with LANDBANK’s Digital Onboarding System (DOBS), a web application which simplifies the account enrolment process from 45 minutes to only 10-15 minutes, bringing banking services closer to the people of Negros Occidental. With the opening of LANDBANK’s Himamaylan Branch-Lite, LANDBANK now operates a total of 11 branches in Negros Occidental, complementing three (3) existing branches located in Bacolod City, and one (1) each in the cities of Cadiz, Kabankalan, Sagay, San Carlos, Silay, Sipalay, and Victorias. A total of 41 ATMs are also present in the province to facilitate fast and safe cash withdrawals and transfers. For more updates, please Follow, Like and Share the official LANDBANK Facebook, Instagram and YouTube accounts (@landbankofficial), Twitter (@LBP_Official), or visit the LANDBANK website (www.landbank.com).LEARN MORE
LANDBANK disburses P717M cash aid to more than 110,000 PUV operators
The Land Bank of the Philippines (LANDBANK) has started releasing cash grants totaling P717,333,500 or P6,500 each to 110,359 Public Utility Vehicle (PUV) operators, composed of jeepney and bus operators nationwide, under the Cash Subsidy to PUV Operators Program of the Department of Transportation (DOTr) and the Land Transportation Franchising and Regulatory Board (LTFRB). Of the total amount disbursed, P716,826,500 was credited to the existing Pantawid Pasada Program (PPP) fuel cash card accounts of 110,281 Public Utility Jeepney (PUJ) operators on November 16, 2020. The remaining P507,000 was credited to the LANDBANK accounts of 78 Public Utility Bus (PUB) operators last November 17. “LANDBANK, in partnership with the DOTr and LTFRB, made it possible to quickly and safely distribute the cash subsidies to jeepney and bus operators who are challenged by the pandemic. We will continuously work with the transportation department to distribute the remaining cash aid to other beneficiaries the soonest time possible,” said LANDBANK President and CEO Cecilia C. Borromeo. The crediting of cash grants forms part of the Memorandum of Agreement (MOA) signed between LANDBANK, DOTr and LTFRB on October 12, 2020 for the distribution of one-time cash assistance to a total of 178,244 PUV operators through the PPP fuel cash cards, existing LANDBANK accounts, other bank accounts via InstaPay or PESONet, and over-the-counter payouts. Total beneficiaries of the cash subsidy program include operators of 120,000 PUJs, 24,374 UV Express units, 21,998 PUBs, 10,188 Filcabs, 1,259 minibuses, and 425 premium Point-to-Point (P2P) buses who have been heavily affected with the suspension in public transportation operations and reduced ridership due to COVID-19 safety protocols. The funds allocated for the program are part of the budget provided to the DOTr under Republic Act No. 11494 or the “Bayanihan to Recover As One Act.” For more updates, please Follow, Like and Share the official LANDBANK Facebook, Instagram and YouTube accounts (@landbankofficial), Twitter (@LBP_Official), or visit the LANDBANK website (www.landbank.com).LEARN MORE
SEC taps LANDBANK as settlement bank for online payments
State-run Land Bank of the Philippines (LANDBANK) has been designated as the depository and financial settlement bank of the Securities and Exchange Commission (SEC) for online payments, in line with serving the growing demand for safe and contactless payment solutions. LANDBANK will ensure the efficient collection and settlement of payments made by SEC clients through PayMaya, including the timely remittance of fees due the Bureau of the Treasury (BTr). Under the new partnership, LANDBANK will maintain current and clearing accounts for SEC and BTr, respectively, to credit payments accepted and deposited by PayMaya through the LANDBANK weAccess facility. LANDBANK will also open a Guaranty Deposit account for PayMaya equivalent to the average total daily collection or in the amount agreed by both parties. The collaboration was formalized over a quadripartite Memorandum of Agreement (MOA) virtually signed by SEC Commissioner Kelvin Lester K. Lee, National Treasurer Rosalia V. de Leon, LANDBANK President and CEO Cecilia C. Borromeo, and PayMaya Philippines, Inc. Founder and CEO Orlando B. Vea on November 18, 2020. The MOA signing was witnessed by SEC Commissioner Javey Paul D. Francisco, BTr Deputy Treasurer Sharon P. Almanza, BTr Asset Management Service OIC-Director Eduardo Anthony G. Mariño III, LANDBANK Branch Banking Sector Executive Vice President Julio D. Climaco, Jr., and PayMaya Enterprise Head of Government Sector Marvin Santos. “LANDBANK welcomes this collaboration and will ensure the efficient settlement and remittance of SEC fees and other payments. Rest assured that LANDBANK is one with you in the continued delivery of public services, and boosting government collection rates toward revitalizing our economy,” LANDBANK President and CEO Borromeo said. In 2017, LANDBANK and SEC entered into an agreement to utilize LANDBANK’s Electronic Payment Portal (ePP) to provide a convenient and secure means of processing payments for the SEC iView and other transactional fees. As of October 30, 2020, the LANDBANK ePP has successfully facilitated for the SEC a total of 6,439 transactions amounting to P28.4 Million. In 2011, LANDBANK Branches also started processing registration applications by SEC applicants via the On-line Collection (On-Coll) facility. For more updates, please Follow, Like and Share the official LANDBANK Facebook, Instagram and YouTube accounts (@landbankofficial), Twitter (@LBP_Official), or visit the LANDBANK website (www.landbank.com).LEARN MORE