The Land Bank of the Philippines (LANDBANK) recorded significant increases in
volume and value of transactions across its major digital banking platforms in the
first six months of the year.
The state-run Bank facilitated 94.7 million transactions worth P1.9 trillion from
January to June 2023, representing year-on-year jumps of 22% and 41% in volume
and value, respectively.
The combined digital transactions were made through the LANDBANK Mobile
Banking App (MBA), Electronic Modified Disbursement System (eMDS), LANDBANK
Bulk Crediting System (LBCS), Link.BizPortal, iAccess, and weAccess.
“More customers continue to embrace the advantages of using LANDBANK’s digital
banking solutions. We will drive investments to upgrade our digital infrastructure
further, to continue providing convenient, accessible, and secure services,” said
LANDBANK President and CEO Lynette V. Ortiz.
The LANDBANK MBA accounted for the bulk of the total digital transactions,
facilitating 76.1 million transactions amounting to P140.5 billion. These translate to
year-on-year expansions of 27% and 36% in volume and value, respectively.
LANDBANK customers mostly use the MBA for fund transfer and bills payment, as
well as for purchasing government bonds, including the Retail Treasury Bonds
Tranche 29 (RTB-29) offered in February 2023.
The eMDS, LANDBANK’s internet facility for national government agencies,
registered the highest transaction value at P1.3 trillion for a 36% jump from P966.2
billion in the same period a year ago. Total transactions likewise grew by 15% to 1.4
million from 1.2 million.
Meanwhile, the Bank’s electronic bulk disbursement facility, LBCS, saw the most
significant increases in utilization and value in the first half of the year, with total transactions reaching 3.6 million valued at P32.3 billion for unprecedented growth
rates of 6,737% and 398%, respectively.
The LANDBANK Link.BizPortal, a web-based payment channel for paying for products
and services online, also posted a 44% rise in volume to 4 million transactions worth
P6 billion.
The value of transactions facilitated via LANDBANK’s online retail banking channel,
iAccess, and its corporate internet banking platform, weAccess, likewise improved by
3% and 53% to P9.1 billion and P433.3 billion, respectively.
With the continued adoption of digital banking, LANDBANK continues to remind
customers and the public to be more vigilant against phishing scams and other
forms of online banking fraud.
The Bank is regularly posting on its official social media channels security reminders
and best practices to avoid falling victim to fraudulent activities online.
LANDBANK is celebrating its 60 th anniversary this month, representing six decades of
uplifting lives, empowering communities, and serving the nation — all in pursuit of
an inclusive and sustainable economy.
