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March 01, 2024

Landbank expands prepaid card services

About 10 million beneficiaries under the Conditional Cash Transfer (CCT) and Unconditional Cash Transfer (UCT) programs of the Department of Social Welfare and Development (DSWD) now have wider access to array of banking services, through their upgraded prepaid cards from state-run Land Bank of the Philippines led by bankero Cecilia Borromeo.

The existing Landbank prepaid cards of the beneficiaries have been upgraded automatically into transaction accounts with expanded features to provide more convenient banking services.

“We continuously enhance our products and services to meet the growing needs of our diverse clientele. This includes our delivery of government subsidies, geared towards providing vulnerable sectors with improved access to formal financial services,” the bankero said.

The Landbank CCT-UCT prepaid cards now allow receiving of funds from Landbank accounts through fund transfers via the Landbank Mobile Banking App (MBA), iAccess, the Landbank Remittance System (LBRS) for overseas remittances, ATMs, and from other bank accounts via InstaPay and ATM fund transfers.

Beneficiaries are also now able to load their Landbank prepaid cards via 231 Landbank Cash Deposit Machines (CDMs) and over-the-counter at select Landbank branches nationwide, allowing them to secure and save funds through their own transaction accounts.

The upgrading of CCT-UCT prepaid cards forms part of Landbank’s commitment to provide accessible, responsive, and secure financial services particularly to underserved sectors in the country.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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