Land Bank of the Philippines (Landbank), a state-run bank, has reported a record P5.6 trillion in digital transactions for 2022 as it seeks to promote financial inclusion.
The bank’s digital banking channels handled a total of 155.8 million transactions, a 14% increase in volume and a 126% hike in value compared to 2021.
The increase was attributed to more customers shifting to digital banking solutions, including those from the bank’s mobile banking application, iAccess, weAccess, Link.BizPortal, electronic modified disbursement system, and the Land Bank bulk crediting system.
Bankero, Landbank President and CEO Cecilia Borromeo, said digital channels continue to support the growing customer demand for contactless financial transactions.
“We are driven to support our expanding retail customer base, to deliver convenient and responsive services to more customers nationwide,” Borromeo said.
Landbank aims to grow its overall digital transactions by at least 60% in both volume and value in 2023.