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Landbank’s digital transactions in the first quarter totaled P567-B.
MANILA, Philippines — In the first three months of 2022, the Land Bank of the Philippines (Landbank) processed 39.14 million transactions worth PHP567.61 billion through its key digital banking channels, representing a 36 percent and 22 percent year-on-year increase in volume and value, respectively.
“Landbank’s digital transformation aims to provide accessible financial services to satisfy our clients’ expanding needs.” Landbank president and chief executive officer Cecilia Borromeo said, “We are also pushing toward more digital adoption to improve financial inclusion in the country, in keeping with our expanded goal of serving the nation.”
Landbank’s digital services are in high demand, according to Borromeo, as more consumers switch to more convenient, dependable, and secure digital banking options, especially in the new normal.
For the first quarter of this year, the Landbank Mobile Banking App (MBA) registered 29.75 million transactions totaling PHP47.18 billion, representing year-on-year increases of 37 percent in volume and 46 percent in value.
Landbank’s corporate internet banking platform, WeAccess, had over six million transactions valued roughly PHP143.19 billion, representing increases of 37 percent and 25%, respectively.
Meanwhile, the bank’s web-based payment service, Link.BizPortal, processed roughly 1.38 million transactions, a 42 percent rise with a total value of PHP3.41 billion, a 58 percent increase.
iAccess, Landbank’s online retail banking channel, also saw a 26% increase in transaction value, from PHP3.55 billion to PHP4.46 billion in the same time last year.
The Landbank Electronic Modified Disbursement System (eMDS) for national government agency partners also had a 36 percent increase in transaction volume, bringing the total to PHP368.06 billion, an increase of 18 percent in value.
With the increased usage of digital banking channels, the state-run bank assures its customers that all of its systems are secure, while also urging them to be wary of online banking fraud and scams.