LAKE SEBU, South Cotabato – The Land Bank of the Philippines (LANDBANK) has tapped the Lake Sebu Countryside Development Multipurpose Cooperative (MPC) to serve as its Agent Banking Partner in this underserved municipality, as part of the Bank’s mandate to advance greater financial inclusion in the country.
As a LANDBANK Agent Banking Partner, the Lake Sebu Countryside Development MPC will now offer basic banking services, such as card sale, cash-in, cash-out, fund transfer, and bills payment, as well as other services that may be offered by LANDBANK in the future.
The cooperative will also service the cash requirements of around 13,700 beneficiaries of the National Government’s Conditional Cash Transfer (CCT) Program in the area, who previously had to travel to the municipality of Surallah to withdraw their cash grants.
“Our MOA signing represents a big step in providing access to banking services to the unbanked municipality of Lake Sebu. As we deliver our services closer to our customers here, we are also allowing them to enjoy lower transaction costs and save on travel expenses,” LANDBANK President and CEO Cecilia Cayosa Borromeo said.
President Borromeo and Lake Sebu Countryside Development MPC Vice Chairman Felimon Elloran led the signing of the Memorandum of Agreement to formalize the partnership on 20 January 2023 at the Punta Isla Lake Resort in Lake Sebu. They were joined by the cooperative’s Manager, Rosie Makilan, and LANDBANK Senior Vice President Leila C. Martin.
Under its Agent Banking Program, LANDBANK initiates partnerships with client cooperatives, associations, rural banks, local government units (LGUs), micro, small and medium enterprises (MSMEs), and private entities to help provide basic banking services to areas with limited or no Bank presence.
As of 31 December 2022, LANDBANK has a total of 1,056 Agent Banking Partners nationwide, covering all 82 provinces and 827 municipalities. This includes 206 unbanked municipalities based on the list of the Bangko Sentral ng Pilipinas (BSP) as of December 2021, and 621 underserved municipalities or with limited LANDBANK presence.
The LANDBANK Agent Banking Program is in compliance with Bangko Sentral ng Pilipinas (BSP) Circular No. 940 series of 2017, wherein banks are allowed to serve customers through cash agents contracted to perform selected banking services on its behalf in order to exponentially expand its reach and serve customers more efficiently.