State-run Land Bank of the Philippines said it will reduce its transaction rates for fund transfer via InstaPay starting June 15 in line with the government’s financial inclusion campaign.
LandBank president and chief executive Lynette Ortiz said in a statement all fund transfer transactions, regardless of the amount, would now be subject to a fixed transaction fee of P15 from the previous rate of P25.
“By lowering the fund transfer rate, more customers will benefit from the convenience and efficiency of our products,” Ortiz said.
“This is part of our commitment to provide accessible and affordable digital banking solutions, and to help expand financial inclusion,” Ortiz said.
Digital fund transfer is facilitated by the LandBank Mobile Banking App and iAccess for retail clients, and weAccess for Corporate Accounts. For the first three months of 2023, the three digital platforms have facilitated transactions amounting to a total of P265.7 billion.
In full support of the national government’s financial inclusion agenda, the reduction of transaction rates underscores the bank’s steadfast commitment to meeting the evolving needs of customers, in line with its expanded mandate of serving the nation.
LandBank has been intensifying its digitalization drive geared towards providing safe, accessible and convenient banking service to meet the growing needs of customers, with a 30-percent growth in value of transactions amounting to P735.95 billion for its major digital banking platforms in the first quarter of 2023 alone.
The bank has maintained its dominance as the biggest development partner of the local government units towards local development, with all 1,717 LGUs nationwide maintaining deposit accounts with the state-run Bank.
The bank is present in all 82 provinces of the country, providing accessible products and services, including to underserved and remote communities.