In support to the National Government’s Ease of Doing Business and financial inclusion initiatives, the Land Bank of the Philippines (LANDBANK) reported a sustained increase in the usage of its major electronic banking channels, including payment systems used by national and local government agencies, in the first seven months of the year.
The report follows the recent call of the Anti-Red Tape Authority (ARTA) for government agencies to digitize their payment systems, as part of their compliance to Republic Act No. 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018.
From January to July 2021, LANDBANK’s web-based e-payment platform, the Link.BizPortal, facilitated 2.3 million transactions amounting to P5.57 billion, representing 105% and 103% growth rates year-on-year, respectively.
The Link.BizPortal facilitates easy payment for products and services online to over 800 partner merchants nationwide, 473 of which are from the public sector.
Likewise, the Bank’s Electronic Modified Disbursement System (eMDS) for national government agency partners also reached 1.1 million transactions amounting to P925.28 billion, translating to 36% more transactions and a 74% jump in value from the same period last year.
“LANDBANK continues to answer the call for accessible, reliable, and safe electronic banking in the new normal, driven by the varied needs of customers due in large part to the pandemic. We are committed to collaborating with more government partners to make financial services much more accessible, towards promoting Ease of Doing Business and advancing greater digital financial inclusion in the country,” said LANDBANK President and CEO Cecilia C. Borromeo.
LANDBANK’s e-banking channels continue to surge in July
Together with the LANDBANK Link.BizPortal and eMDS, the Bank’s roster of major e-banking channels—including the LANDBANK Mobile Banking App, weAccess, iAccess—breached the P1-trillion mark by facilitating transactions with a total value of P1.307 trillion, up by P516.45 billion or 65% from the same period last year. In addition, the channels recorded a combined 73.5 million transactions for a 12% increase year-on-year.
The LANDBANK weAccess dedicated for corporate clients facilitated P277.43 billion through 11.3 million transactions. These are equivalent to increases of 31% and 22%, respectively, year-on-year.
The LANDBANK Mobile Banking App recorded 55.72 million transactions up 48%, with a total value of P89.9 billion or a 136% increase from the previous year.
Lastly, the LANDBANK iAccess, which caters to the online banking needs of individual retail clients, reported a total of 3.1 million transactions valued at P8.86 billion, with the latter notching a 49% increase over the same period last year.
Meanwhile, LANDBANK’s Digital On-Boarding System (DOBS)—the first online account opening portal among universal banks in the Philippines introduced in November 2018—has facilitated the opening of 1.67 million deposit accounts as of June 30, 2021, which includes accounts opened for Overseas Filipino Bank (OFBank) depositors.
Just recently, LANDBANK also launched the DOBS Mobile, which facilitates online savings account opening in as fast as 10 to 15 minutes. The LANDBANK DOBS Mobile eliminates the need to line up in branches to open an account, in support of the National Government’s Ease of Doing Business (EODB) initiative, as well as safety protocols amid the ongoing pandemic.
LANDBANK also continues to waive fees for inter-bank fund transfers via InstaPay and PESONet for retail clients until September 30, 2021.
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.