STATE-run Land Bank of the Philippines (LandBank) announced that the volume and value of digital transactions it facilitated in the first half rose by double-digit growth rates as more Filipinos are using online platforms for their bank needs and investments. The LandBank revealed it recorded 94.7 million digital transactions from…
STATE-run Land Bank of the Philippines announced that the volume and value of digital transactions it facilitated in the first half rose by double-digit growth rates as more Filipinos are using online platforms for their bank needs and investments.
“More customers continue to embrace the advantages of using LandBank’s digital banking solutions,” LandBank president and CEO Lynette V. Ortiz was quoted in a statement the lender issued last Sunday. “We will drive investments to upgrade our digital infrastructure further, to continue providing convenient, accessible, and secure services,” Ortiz added. The bank said digital transactions made through its mobile banking app accounted for the bulk with 76.1 million transactions.
The lender added that customers mostly used the mobile banking app for fund transfer and bills payment and to invest in government debt papers, including the Retail Treasury Bonds Tranche 29 offered in February. “Meanwhile, the bank’s electronic bulk disbursement facility, LBCS, saw the most significant increases in utilization and value in the first half of the year, with total transactions reaching 3.6 million valued at P32.3 billion for unprecedented growth rates of 6,737 percent and 398 percent, respectively,” LandBank said.
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