Landbank waives online fund-transfer fees again

THE Land Bank of the Philippines Inc. (Landbank) announced it is extending once again the waiver of fees for online fund transfers of retail clients until June 30.

The waiver of fees, previously extended only until March 31, covers online fund transfers facilitated through the stateowned bank’s online banking channels via Instapay and PESONET.

Among these platforms is the Landbank mobile banking application (app), which facilitated 14.1 million transactions valued at P20.27 billion as of endfebruary, amounting to increases of 71 percent and 230 percent, respectively, over the same period in 2020.

The Landbank said it upgraded its app 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,” the state lender said. “This continues as the greater Manila area is again placed under enhanced community quarantine (ECQ ).”

Landbank President and CEO Cecilia C. Borromeo was quoted in the statement as saying they remain “committed in 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,” Borromeo added.

The lender said that as of February, its five major electronic channels recorded a cumulative 18.59 million transactions amounting to P247.08 billion. These represent increases of P16 percent and 47 percent, respectively, year-on-year, the bank said. It added its dedicated electronic channel for national government clients and partners recorded 191,494 transactions or a 10 percent increase in volume, amounting to P152.86 billion, or a 68-percent growth, from February last year.

Likewise, the bank’s e-payment platform facilitated 660,490 transactions amounting to P1.39 billion, or equivalent to 37 percent and 41 percent increases, respectively.

Meanwhile, the Landbank channel that provides “24/7” online banking services to individual retail clients, logged a total of 879,483 transactions with a total value of P2.28 billion representing an 83 percent growth rate.

Landbank said its channel that caters to the online banking needs of corporate clients facilitated 2,740,611 transactions amounting to P70.33 billion.