State-run Land Bank of the Philippines led by bankero Cecilia Borromeo has tied up with the Philippine Crop Insurance Corp. (PCIC) for the faster and seamless disbursement of indemnity claims for farmers whose crops were affected by disasters and calamities.
Under the memorandum of agreement (MOA) signed last April 7, the government-owned bank will provide Landbank cash cards for the timely crediting of insurance proceeds to farmers endorsed by PCIC.
Through the 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 checks issued by PCIC in LANDBANK branches.
“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,” Borromeo said.
The bankero added that the 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 could 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 phone banking facility and mobile banking app (MBA).
Borromeo and PCIC president Jovy Bernabe signed the MOA last April 7. LANDBANK senior vice presidents Randolph Montesa and Marilou Villafranca as well as PCIC vice president Segundo Guerrero Jr. witnessed the signing of the agreement.