The Land Bank of the Philippines (LANDBANK) and the Philippine Crop Insurance Corporation (PCIC) signed a Memorandum of Agreement (MOA) that will enable faster and seamless disbursement of indemnity claims for farmers whose crops were affected by disasters and calamities.
Under the Agreement, the Bank will provide LANDBANK Cash Cards for the timely crediting of insurance proceeds to farmers endorsed by PCIC.
Through the LANDBANK Cash Cards, around 1.8 million farmer-beneficiaries will be able to withdraw their insurance claims conveniently from 2,808 LANDBANK ATMs nationwide instead of the previous practice of encashing cheques issued by PCIC in LANDBANK Branches.
LANDBANK President and CEO Cecilia C. Borromeo and PCIC President Atty. Jovy C. Bernabe signed the MOA on 07 April 2022 at the LANDBANK Plaza in Malate, Manila. They were joined by LANDBANK Senior Vice Presidents Randolph L. Montesa and Marilou L. Villafranca, alongside PCIC Vice President Segundo H. Guerrero, Jr.
“LANDBANK’s partnership with PCIC is aligned with our shared goal of promoting financial inclusivity. As we enhance the delivery of insurance claims to farmers nationwide through our cash cards, we are also promoting the habit of saving—leading to their financial independence,” said LANDBANK President and CEO Cecilia C. Borromeo.
The LANDBANK Cash Cards will also grant farmer-beneficiaries access to a wider range of financial services, including the facilitation of banking transactions in LANDBANK ATMs such as cash withdrawal, balance inquiry, ATM fund transfer, and cashless payment through Point-of-Sale (POS) facilities.
The farmer-beneficiaries can also withdraw their claim payments from 888 Agent Banking Partners operating on behalf of LANDBANK in far-flung communities nationwide.
In addition, cash cardholders may access the LANDBANK phonebanking facility and Mobile Banking App (MBA).