The Land Bank of the Philippines (Landbank) posted a 30 percent growth in value for its major digital banking platforms in the first quarter of 2023 compared to the same period last year.
The increase to 735.95 billion from the previous year’s P567.6 billion was facilitated by a total of 41.2 million transactions representing a 5 percent rise year-on-year via the Landbank Mobile Banking App (MBA), weAccess, Electronic Modified Disbursement System (eMDS), Link.BizPortal, iAccess, and the Landbank Bulk Crediting System (LBCS).
“The growing adoption and utilization of our digital channels is a testament to Landbank’s steadfast commitment to provide safe and convenient banking services. We remain focused on investing in our digital infrastructure to meet the evolving and diverse needs of our customers,” said Landbank President and CEO Cecilia Cayosa Borromeo.
The Landbank Link.BizPortal, the Bank’s web-based payment channel,facilitated 2.18 million transactionswhich translate to a 58 percent climb amounting to P3.0 billion in value.
Both the Landbank weAccess and iAccess recorded value increasesof 39 percent and 2 percent, amounting to P199.38 billion and P4.6 billion, respectively.
The Landbank MBA’s facilitated valuealso went up by 31 percent toP61.79 billionwith an 8 percent jump in total transactionsof 32.2 million.
The LBCS saw the biggest increase in value at 1,402 percent amounting to P19.7 billion from 1.8 million recorded transactions.
The Bank’s eMDS platform likewise experienced significant growth in value by 22 percent toP447.5 billion from a total of 597,496 transactions, which is equivalent to about 85 percent of all disbursements of the National Government in the first three months of the year.
