LandBank delivers over P133-B cash aid in 2021

CITY OF SAN FERNANDO---The Land Bank of the Philippines (LANDBANK), in partnership with the Department of Social Welfare and Development (DSWD), disbursed a total of P133.61 billion to more than seven million beneficiaries of the government’s Conditional Cash Transfer (CCT) and Unconditional Cash Transfer (UCT) programs in 2021.

Of this amount, LANDBANK released a total of P123.74 billion under the CCT program that benefitted 4.4 million low-income families, for education and health needs of the children and financial support for households.

Meanwhile, a total of P9.86 billion was delivered to 2.8 million UCT beneficiaries, as part of support interventions in line with the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) Law.

“LANDBANK remains steadfast in the timely delivery of social protection interventions to the most vulnerable sectors. We will continue to work closely with the DSWD to contribute to the National Government’s inclusive development agenda,” said LANDBANK President and CEO Cecilia C. Borromeo.

As of 28 February 2022, the state-run Bank has provided LANDBANK Cash Cards to a total of 9.8 million CCT and UCT beneficiaries to facilitate more convenient withdrawals of social pension and grants in future payouts.

LANDBANK also upgraded the Cash Cards of all CCT and UCT beneficiaries into transaction accounts, to provide the beneficiaries wider access to an array of banking services. Beneficiaries can now perform cash card loading via LANDBANK branches, receive funds through the LANDBANK Mobile Banking App, and cash-in via LANDBANK Cash Deposit Machines, among others.

Previously, the CCT and UCT beneficiaries can only do limited transactions with their cash cards, such as withdraw cash from LANDBANK Automated Teller Machines (ATMs) and Agent Banking Partners (ABPs) nationwide.

To provide the beneficiaries more financial access points, LANDBANK has also on-boarded a total of 888 ABPs in far-flung communities as of 31 December 2021 to ensure the timely delivery of government subsidies.

LANDBANK serves as the delivery arm for the National Government’s social protection initiatives in support of the country’s underserved and marginalized sectors. (PR)