The Land Bank of the Philippines (Landbank) announced that the combined value facilitated by its six major electronic channels reached P2.45 trillion in 2021–a 46 percent hike from the previous year–while volume of transactions grew by 19 percent to 136.3 million.
Cecilia Borromeo, Landbank President and CEO, credited this growth to the expanding adoption of the bank’s digital services and marks another milestone in Landbank’s ongoing digital transformation.
“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,” said Borromeo.
The Landbank Mobile Banking App (MBA) recorded 103.8 million transactions worth P172.39 billion last year, representing upsurges of 44 percent and 103 percent, respectively, from the previous year.
The bank’s e-payment facility, Link.BizPortal, facilitated around 3.88 million transactions equivalent to an 83 percent increase, corresponding to a total value of P10.45 billion or a 31 percent growth rate.
The Landbank weAccess–the bank’s institutional internet banking platform–recorded 20.9 million transactions worth nearly P489 million for increases of 29 percent and 24 percent, respectively.
The bank also logged a 30 percent jump in value via its iAccess internet retail banking channel, reaching P15.40 billion compared to P11.87 billion in 2020.
The Landbank Bulk Credit System (LBCS) also posted unprecedented annual growths of 105 percent and 1181 percent for volume and value, respectively.
Lastly, the Landbank 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.
With the continuous increase in the use of e-banking channels, the state-run bank 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.
