DAVAO CITY – The Land Bank of the Philippines (LANDBANK) is stepping-up to
accelerate the adoption of cashless transactions in this City’s biggest public market,
in support of the Central Bank's thrust of transforming the country into a cash-lite
economy.
LANDBANK joined the Bangko Sentral ng Pilipinas (BSP), the Department of Interior
and Local Government (DILG), and the City Government of Davao during the launch
of the Paleng-QR Ph program at the Bankerohan Public Market last 23 November, to
provide local stakeholders with their own bank accounts.
The LANDBANK Mobile Branch was deployed to facilitate on-the-spot account
opening among market vendors and shop owners, as well as market goers. New
LANDBANK account holders were automatically enrolled in the LANDBANK Mobile
Banking App (MBA), which can facilitate the transfer and receipt of funds via Quick
Response (QR) code.
“LANDBANK fully supports the Paleng-QR Ph program in encouraging local
communities to adopt cashless payments. We are bringing digital payments closer to consumers to make everyday transactions faster, safer and more convenient, where
development is truly inclusive,” said LANDBANK President and CEO Cecilia C.
Borromeo.
The Overseas Filipino Bank (OFBank), the official digital bank of the Philippine
government and a subsidiary of LANDBANK, also participated in the event and
offered its deposit products to Davaoeños.
The launch of Paleng-QR Ph in Davao City was spearheaded by BSP Governor Felipe
M. Medalla and Mayor Sebastian Z. Duterte. They were joined by BSP Monetary
Board Members Antonio S. Abacan, Jr., V. Bruce J. Tolentino, Anita Linda R. Aquino
and Eli M. Remolona, and Deputy Governors Eduardo G. Bobier and Bernadette
Romulo-Puyat, DILG XI Assistant Regional Director Abdullah Matalam, and Vice
Mayor Jay Melchor B. Quitain, Jr.
Jointly developed by the BSP and DILG, the Paleng-QR Ph program aims to build the
digital payments ecosystem in the country by promoting cashless payments in public
markets and local transportation, particularly tricycles.
LANDBANK has been supporting the BSP’s digitalization thrust by providing its
customers with innovative digital banking platforms.
Most recently, the Bank launched the LANDBANKPay, an all-in-one mobile wallet that
allows users to conveniently pay bills, load up mobile phones and tollway RFID
accounts, make online purchases, as well as transfer funds anytime, anywhere.
Since the pandemic started, LANDBANK has also recorded a consistent increase in
customer demand for digital financial transactions.
In the first three quarters of the year alone, the Bank facilitated a total of 111.3
million transactions amounting to P4.6 trillion across its major digital platforms, for
15% and 169% year-on-year growths in volume and value, respectively.
The LANDBANK MBA topped the list in terms of transaction volume facilitated, after
recording 87.6 million transactions worth P154.3 billion.
