LANDBANK kicks off Financial Inclusion Caravan Year 3 in Laguna and La Union

Thursday, October 18, 2018

The first leg of LANDBANK Financial Inclusion Caravan Year 3 commenced in San Gabriel, La Union and Sta. Cruz, Laguna simultaneously. A combined 900 participants from both sites benefitted from the national caravan, which aims to promote financial literacy among residents of 4th to 5th class municipalities in the country.

Looking to further its stride in reaching the unbanked and underserved hard-to-reach parts of the country, LANDBANK commenced its Financial Inclusion (FI) Caravan Year 3 with simultaneous events in San Gabriel, La Union and Sta. Cruz, Laguna.

A combined 900 participants from both sites benefitted from the first leg of the nationwide caravan. These include small business owners, farmers and fishers, and beneficiaries of 4Ps.

“We decided to conduct the Financial Inclusion Caravan for the third year because we have seen its impact on the communities that we previously visited. Hopefully, this year, we would be able to encourage more people to save and help them be more financially literate,” said LANDBANK President and CEO Alex V. Buenaventura.

Aside from the series of talks on saving, livelihood opportunities, and formal banking products, LANDBANK also gave away pre-loaded ATM accounts called “ATM Ipon Account” to encourage the participants to open their own savings accounts.

Exclusive to the FI Caravan participants, the ATM Ipon Account is designed to ease the burden of account holders through its special features such as zero initial deposit, no minimum balance, waived dormancy fees, among others.


Making waves in the surfing capital of the north

Out of the 592 pre-determined ATM Ipon account beneficiaries by the local government, nearly 550 participated and opened their savings accounts on the spot during the FI Caravan in San Gabriel, La Union. Various booths were also put up in the venue to assist the attendees in their queries. These include an ATM and Cash Deposit Machine demonstration booth to acquaint the participants with the use of the machines.

“I am thankful for LANDBANK for promoting financial literacy in a 4th class municipality like ours. This initiative complements the efforts of the local government to improve the economic well-being of the people of San Gabriel,” said Municipal Mayor of San Gabriel Herminigildo M. Velasco.

Free insurance policies from LANDBANK Insurance Brokerage, Inc. were also raffled to 100 lucky participants from each of the sites to assist in their medical expenses in case of accident.

Meanwhile, FINTQ—a partner of LANDBANK’s FI Caravan for two years in a row, promoted its flagship program, “KasamaKA Community and Income Builder.”

KasamaKa is a program that veers Filipinos away from informal lending such as “5-6” by allowing members to earn through referrals to any of the digital financing services offered by Lendr – FINTQ’s digital loan platform. Earnings coming from referrals will be credited to their LANDBANK accounts.

“Dahil dito sa Financial Inclusion caravan, naging mas accessible na ang pagbubukas ng savings account para sa mga katulad kong market vendor. Kaya malaki ang pasasalamat ko sa LANDBANK dahil pati mga minimum balance at iba pang fees ay tinanggal nila para sa amin,” said Mr. Joseph V. Serrano, attendee of FI Caravan in San Gabriel.


Crossing borders for inclusive growth

The FI Caravan in Sta. Cruz Laguna, on the other hand, was attended by 600 participants from different sectors such as agriculture, fishery, and small and medium enterprises. All 600 opened their own savings account during the event as well.

Napakahalaga ng event na ’to dahil tinuturo nito kung paano dapat pahalagahan ng mga mamamayan yung kanilang kinikita at kung paanong pagyayamanin pa ito,” said Mr. Edwin Bautista, Head of Provincial Cooperative of Laguna and representative of the Office of Provincial Governor to the event.

Aside from the livelihood booths, a lending center booth was also set up to promote LANDBANK’s inclusive banking programs such as the Accessible and Sustainable Lending Program for Small Farmers or ASL Farmers Program, Market Vendors Inclusive Lending Program, and Public Utility Vehicle Modernization Program.

The La Union and Laguna legs are the first two out of ten areas included in FI Caravan Year 3 which will run until the first quarter of 2019. Other areas are Limay, Bataan; Tantangan, South Cotabato; Muntinlupa City; Jala-Jala, Rizal; Don Salvador benedicto, Negros Occidental; Burauen, Tacloban, Leyte; Valenzuela City; and, Gipos, Manuel Roxas, Zamboanga City.

FI Caravan Year 3 takes off from the success of the first two runs which helped over 7,000 underserved Filipinos from 17 municipalities to learn more about livelihood programs and formal banking products and services.

The  FI  Caravan has won for LANDBANK several accolades and recognitions including the Silver Anvil Award from the Public Relations Society of the Philippines and the Outstanding Development Project Award from the Association of Development Financing Institutions in Asia and the Pacific, among others.

This nationwide caravan is in support of the government’s campaign to promote greater financial inclusion and achieve inclusive growth.