FIND US

LANDBANK waives online fund transfer fees until June 30; mobile app transactions up 71% as of February


March 31, 2021

With the recent spike in COVID-19 cases in the country, the Land Bank of the Philippines (LANDBANK) is extending once again the waiver of fees for online fund transfers of retail clients until June 30, 2021.

The waiver of fees, previously extended only until March 31, 2021, covers online fund transfers facilitated through LANDBANK’s online banking channels via InstaPay and PESONet.

Among these platforms is the LANDBANK Mobile Banking App (MBA) which facilitated 14.1 million transactions valued at P20.27 billion as of end-February, amounting to increases of 71% and 230%, respectively, over the same period in 2020.

The LANDBANK MBA was upgraded last year to include new features such as an enhanced user interface, card-less withdrawal, and registration of Mastercard credit and prepaid cards.

Since the government imposed health restrictions in March last year, LANDBANK has been encouraging clients to utilize its digital and e-banking channels. This continues as the greater Manila area is again placed under Enhanced Community Quarantine (ECQ).

"LANDBANK remains committed in balancing service delivery and safety, by providing secure and convenient digital banking solutions while promoting health protection. We continue to urge our clients to utilize our online banking platforms and make cashless transactions, especially at this time when COVID-19 cases are rising,” LANDBANK President and CEO Cecilia C. Borromeo said.

As of February 2021, LANDBANK’s five major electronic channels—LANDBANK MBA, Electronic Modified Disbursement System (eMDS), Link.BiZ Portal, i-Access, and we-Access—recorded a cumulative 18.59 million transactions amounting to P247.08 billion. These represent increases of P16% and 47%, respectively, year-on-year.

The LANDBANK eMDS, dedicated for national government clients and partners, recorded 191,494 transactions or a 10% increase in volume, amounting to P152.86 billion, or a 68% growth, from February 2020. 

Likewise, the Bank’s e-payment platform, the LANDBANK Link.BiZ Portal, facilitated 660,490 transactions amounting to P1.39 billion, or equivalent to 37% and 41% increases, respectively.

Meanwhile, the LANDBANK i-Access, which provides 24/7 online banking services to individual retail clients, logged a total of 879,483 transactions with a total value of P2.28 billion representing an 83% growth rate.

LANDBANK we-Access, which caters to the online banking needs of corporate clients, facilitated 2,740,611 transactions amounting to P70.33 billion.

For more information about LANDBANK’s e-Banking products and services, clients may visit the Bank’s official website (www.landbank.com), or follow the Bank’s official social media channels at @landbankofficial on Facebook and Instagram, @LBP_Official on Twitter, and @LANDBANK on Viber.


Other Stories

LANDBANK certified anew to ISO standards amid pandemic

  State-run Land Bank of the Philippines (LANDBANK) has secured continuous certification for ISO 9001:2015 Quality Management System (QMS) and ISO 14001:2015 Environmental Management System (EMS) standards until December 2022, underscoring the Bank’s steadfast commitment to delivering quality financial and support services towards promoting sustainable and inclusive development. Certification International Philippines, Inc. (CIP)—a local consulting company that specializes in ISO recognition—completed the remote second surveillance audit of the Bank’s Head Office, 13 branches, and four field units from July to September 2021. “This recognition is in line with our thrust to promote excellent customer service as part of serving the nation. Next year, we will raise the bar even higher by expanding our performance commitments to include the continued certification to the EMS standards to fully comply with the Sustainable Finance Framework of the Bangko Sentral ng Pilipinas (BSP),” said LANDBANK President and CEO Cecilia C. Borromeo. During the closing meeting on 29 September 2021, CIP commended LANDBANK’s Management System and personnel for its adaptability to the changing demographics, risks, market demands, and innovations in the industry while navigating the challenges of the COVID-19 crisis. “The commitment of the competent LANDBANK personnel is a key driver in its successful maintenance of the Integrated Management System (IMS). LANDBANK remains very strong and is even stronger during the pandemic,” CIP said. CIP also gave positive feedback to the Bank’s regular conduct of Management Review and Field Unit staff meetings, which was classified as an excellent way of constantly reviewing the Bank’s performance. The Bank was also commended for its consistency in upholding internal policies and procedures from the head office to the field units, as sampled units continued to achieve high targets despite the challenging task of physically reporting for work at the height of the pandemic. ISO 9001:2015 is an international standard dedicated to Quality Management Systems (QMS). It outlines a framework for improving quality and a vocabulary of understanding for any organization looking to provide products and services that consistently meet the requirements and expectations of customers and other relevant interested parties in the most efficient manner possible. LANDBANK’s continued certification to the QMS standards is part of its 2021 performance commitments to the Governance Commission for GOCCs (GCG), while the EMS standards signifies the Bank’s continued commitment to the preservation of the environment and the efficient management of its resources.

LEARN MORE

LANDBANK retail dollar bond sales top US$205-M

  The Land Bank of the Philippines (LANDBANK) contributed US$205.27 million or close to 13% of the US$1.593 billion generated from the maiden Retail Dollar Bond (RDB) offering of the Bureau of the Treasury (BTr). The proceeds will fund infrastructure projects and boost health services to fast-track the country’s ongoing economic resurgence, after suffering from debilitating effects of the COVID-19 pandemic. From 15 September to 1 October 2021, the state-run Bank sold the RDB offer through various investment channels, which allowed Filipino retail investors worldwide to participate in the said offering safely and conveniently. Of LANDBANK’s total RDB sales, US$95 million was raised during the rate-setting auction at the launch event held on September 15. The remaining US$109.94 million and US$329,700 were facilitated via over-the-counter placements at LANDBANK branches and online channels, respectively. About US$203,500 of LANDBANK’s RDB sales online was facilitated through the mobile banking application (MBA) of the Overseas Filipino Bank (OFBank)—the official digital bank of the Philippine government and a subsidiary of LANDBANK. Likewise, US$107,800 was transacted using the LANDBANK MBA, while the remaining US$18,400 was processed through the BTr’s Online Ordering Facility via LANDBANK’s Link.BizPortal. “A significant draw to the RDB offering was the availability of various investment channels that provided greater convenience and accessibility to retail investors worldwide. The wide participation in this offering also demonstrates the increasing appreciation for the government’s affordable and higher-yielding investment instruments that spur economic recovery and development,” said LANDBANK President and CEO Cecilia C. Borromeo. The RDBs are United States (US) dollar-denominated bonds offered at a minimum investment of US$300 and increments of US$100 thereafter, with annual interest rates of 1.375% and 2.25% for the five- and 10-year bonds, respectively. Interest payments will be paid quarterly during the term of the bond. LANDBANK is Joint Lead Issue Manager for the RDB issuance, as part of its continued support to advance greater financial inclusion and raise state resources for timely and responsive recovery and development initiatives.

LEARN MORE

LANDBANK’s P50-M loan ‘links’ La Union town to a promising future

  ARINGAY, La Union – The Land Bank of the Philippines (LANDBANK) has approved a P50-million term loan of the Municipal Government of Aringay for the construction of a three-span bridge which is expected to boost growth and progress for the town’s underdeveloped areas. The new bridge will be built between Barangay San Juan East and Barangay San Juan West to connect seven isolated barangays of Aringay to the town proper, thereby making the transport of agricultural goods and access to essential services safer, easier, and more efficient. Upon completion of the bridge, farmers from the seven barangays can conveniently transport their harvests directly to Aringay’s public market instead of bringing these to Baguio City in Benguet. They will also no longer need to cross a river using a raft or pass through other perilous routes during heavy rains that often add to costs. The more than 14,800 residents from the seven barangays can also safely reach the town proper to access essential services, such as medical assistance, without the risk that comes with crossing the river. The P50-million term loan of the Municipal Government of Aringay was approved under the LANDBANK RISE UP LGUs (Restoration and Invigoration Package for a Self-sufficient Economy towards UPgrowth for LGUs) Lending Program, designed to support local government units (LGUs) in the implementation of their respective economic recovery plans. “LANDBANK is fully committed to servicing the infrastructure requirements of our LGU partners to fast-track the recovery of local communities. These projects are crucial to spur economic activities towards inclusive and sustainable development,” said LANDBANK President and CEO Cecilia C. Borromeo. As of 31 August 2021, LANDBANK has approved loans for 322 LGUs under the RISE UP LGUs Program totaling P88.42 billion.  “Napakalaking tulong ang maibibigay ng tulay para sa pagpapaunlad ng produktong agrikultura at sa ikabubuti ng mga residente ng Aringay. Tatlumpung taong hinanapan ng pondo ang proyektong ito para ito’y maisakatuparan. Nagpapasalamat kami sa programa ng LANDBANK at sa kanilang matiyagang paggabay at pagsubaybay dahil nabigyan kami ng pagkakataong matupad ang adhikaing matagal naming minimithi,” said Aringay Mayor Eric O. Sibuma. LANDBANK is one with LGUs nationwide in implementing various development projects and in serving the nation as it threads the path to recovery and resiliency amid the ongoing pandemic.

LEARN MORE