MANILA – State-owned Landbank of the Philippines extended anew the waiver of fees for online fund transfers of retail clients until June 30, 2021, as a way to help the public cope with rising Covid-19 cases.
The waiver of fees, previously extended until March 31, covers online fund transfers facilitated through online banking channels via InstaPay and PESONet.
Among these platforms is the Landbank Mobile Banking App (MBA), which facilitated 14.1 million transactions valued at PHP20.27 billion as of the end of February, amounting to increases of 71 percent and 230 percent, respectively, over the same period in 2020.
The Landbank MBA was upgraded last year to include new features such as an enhanced user interface, card-less withdrawal, and registration of Mastercard credit and prepaid cards.
Since the government-imposed health restrictions in March last year, Landbank has been encouraging clients to utilize its digital and e-banking channels.
Metro Manila, Bulacan, Rizal, Laguna, and Cavite are still under enhanced community quarantine on April 5 to 11.
“Landbank remains committed to balancing service delivery and safety, by providing secure and convenient digital banking solutions while promoting health protection. We continue to urge our clients to utilize our online banking platforms and make cashless transactions, especially at this time when Covid-19 cases are rising,” Landbank president/CEO Cecilia Borromeo said.
As of February 2021, Landbank’s five major electronic channels – MBA, Electronic Modified Disbursement System (eMDS), Link.BiZ Portal, i-Access, and we-Access – recorded a cumulative 18.59 million transactions amounting to PHP247.08 billion. These represent increases of 16 percent and 47 percent, respectively, year-on-year.
The eMDS, dedicated for national government clients and partners, recorded 191,494 transactions or a 10 percent increase in volume, amounting to PHP152.86 billion, or a 68 percent growth, from February 2020.
Likewise, e-payment platform Link.BiZ Portal facilitated 660,490 transactions amounting to PHP1.39 billion, or equivalent to 37 percent and 41 percent increases, respectively.
Meanwhile, i-Access, which provides 24/7 online banking services to individual retail clients, logged a total of 879,483 transactions with a total value of PHP2.28 billion, representing an 83 percent growth rate.
The we-Access system for the online banking needs of corporate clients facilitated 2,740,611 transactions amounting to PHP70.33 billion.