Landbank’s digital transactions grow 30% in first quarter of 2023

THE value of Land Bank of the Philippines’ (Landbank) digital banking platforms has increased to P735.95 billion in the first quarter of 2023 — a 30 percent growth from P567.6 billion recorded in the same period in 2022, according to the bank.

Landbank said the increase in the first three months was facilitated by a total of 41.2 million transactions, representing a five percent rise year-onyear, through 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,” Landbank president and chief executive officer Cecilia Cayosa Borromeo said in a press statement.

The Landbank Link.BizPortal, the bank’s web-based payment channel, recorded a 58 percent increase amounting to P3 billion after facilitating 2.18 million transactions in the first quarter of this year. Both the Landbank weAccess and iAccess saw value increases of 39 percent and two percent, amounting to P199.38 billion and P4.6 billion, respectively.

Landbank further stated that the MBA’s facilitated value also increased by 31 percent to P61.79 billion with an eight percent jump in total transactions, reaching 32.2 million.

LBCS saw the largest value increase at 1,402 percent, amounting to P19.7 billion, from 1.8 million recorded transactions from January to the end of March this year, according to Landbank.

The bank also mentioned that its eMDS platform “experienced significant growth in value by 22 percent to P447.5 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.”

Since 2018, a total of four million accounts have been opened through the Landbank Digital Onboarding System, including accounts for clients of the Overseas Filipino Bank, or OFBank, the official digital bank of the Philippine government and a subsidiary of Landbank.