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.