The government-owned Land Bank of the Philippines (LandBank) is set to strengthen its financial services through an extended presence in both physical and digital domains, according to its President and CEO, Bankero Lynette Ortiz.
The bankero announced that LandBank is adopting a “phygital” strategy, combining physical expansion efforts with digital service improvements to cater to evolving customer preferences and demands. The bank’s goal is to enhance its outreach to previously “unbanked and underserved” communities while enhancing its digital offerings.
As part of this endeavor, LandBank is planning to establish physical touchpoints across all cities and municipalities in the country. The bank also intends to digitize transactions with government agencies to enhance operational efficiency, simplify business procedures, and augment public service delivery.
LandBank’s recent achievements include onboarding approximately 180 government entities onto its Link.BizPortal payment platform. This platform facilitated over 96 million transactions, valued at P3.9 trillion, across all digital outlets during the first half of 2023.
The bank’s collaboration with the Philippine Statistics Authority is geared towards providing transaction accounts to unbanked registrants of the Philippine Identification System, requiring no initial deposit.
Additionally, LandBank has reduced transaction costs for online fund transfers to other banks through InstaPay, lowering fees from P25 to P15. It has also increased the total daily amount limit of fund transfers via InstaPay, doubling it from P50,000.00 to P100,000.00, with a maximum amount of P50,000.00 per transaction. These steps aim to offer a more affordable and convenient digital banking experience to its customers.
