In line with advancing financial inclusion, the Land Bank of the Philippines
(LANDBANK) will be significantly reducing transaction rates for fund transfer via
InstaPay effective 15 June 2023.
All fund transfer transactions, regardless of the amount, will now be subject to a
fixed transaction fee of P15, down from the previous rate of P25.
"By lowering fund transfer rate, more customers will benefit from the convenience
and efficiency of our products. This is part of our commitment to provide accessible
and affordable digital banking solutions, and to help expand financial inclusion," said
LANDBANK President and CEO Lynette V. Ortiz.
Digital fund transfer is facilitated by the LANDBANK Mobile Banking App (MBA) and
iAccess for retail clients, and weAccess for Corporate Accounts. For the first three
months of 2023, the three digital platforms have facilitated transactions amounting
to a total of P265.7 billion.
In full support of the National Government’s financial inclusion agenda, the reduction
of transaction rates underscores LANDBANK's steadfast commitment to meeting the
evolving needs of customers, in line with its expanded mandate of serving the
nation.
