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MANILA, Philippines—The value of e-banking transactions handled by the state-run Land Bank of the Philippines (Landbank) jumped by nearly half to P2.45 trillion in 2021 amid the “new normal” arising from the COVID-19 pandemic.
In a statement on Wednesday (March 2), Landbank said that on top of the 46-percent growth in electronic transaction value last year, the volume also increased by almost a fifth to 136.3 million.
Landbank has six electronic channels which its customers can use to transact.
Landbank’s mobile banking app was used to move P172.39-billion involving 103.8 million transactions in 2021. The volume and value of mobile app transactions grew 44 percent and 103 percent compared to 2020 levels.
Its e-payment facility Link.BizPortal, meanwhile, facilitated P10.45 billion (up 83 percent) in payments across 3.88 million transactions (up 31 percent).
Landbank’s institutional banking platform weAccess also facilitated P489-million of fund movements (up 29 percent) across 20.9 million transactions (up 24 percent).
Its iAccess internet retail banking channel had P15.4 billion in transactions last year, up 30 percent from 2020’s P11.87 billion.
“Landbank’s bulk credit system also posted unprecedented annual growths of 105 percent and 1,181 percent for volume and value, respectively” last year, it said.
“Landbank’s electronic modified disbursement system (eMDS) for national government agency-partners posted increases of 20.9 million or 29-percent more transactions, and a total P488.98 billion or 24-percent rise in value,” it added.
“Landbank is leveraging on the latest technological solutions to deliver a digital banking experience designed for the new normal. We will continue to bank on digital infrastructures as we push for greater digital adoption and advance financial inclusion in the country,” its president and chief executive Cecilia Borromeo said.
Landbank had been adapting to the new normal by accelerating digital transformation to expand its reach.
Also, “with the continuous increase in the use of e-banking channels, [Landbank] assures its customers that it maintains the highest level of security in all its systems while reminding customers to remain vigilant against online banking fraud and scams,” Landbank said.