Digital transactions of state-run Land Bank of the Philippines increased in the first six months of 2023 as more people used online banking.
LandBank said on a statement over the weekend it facilitated 94.7 million transactions worth P1.9 trillion from January to June, representing year-on-year increases of 22 percent and 41 percent in volume and value, respectively.
The combined digital transactions were made through the LandBank Mobile Banking App, Electronic Modified Disbursement System, LandBank Bulk Crediting System, Link.BizPortal, iAccess and weAccess.
LandBank president and chief executive Lynette Ortiz said more customers continued to embrace the advantages of using LandBank’s digital banking solutions.
“We will drive investments to upgrade our digital infrastructure further, to continue providing convenient, accessible, and secure services,” Ortiz said.
The LandBank MBA accounted for the bulk of the total digital transactions, facilitating 76.1 million transactions amounting to P140.5 billion. These translated into year-on-year expansions of 27 percent and 36 percent in volume and value, respectively.
LandBank customers mostly use the MBA for fund transfer and bills payment, as well as for purchasing government bonds, including the Retail Treasury Bonds Tranche 29 offered in February 2023.
The eMDS, LandBank’s internet facility for national government agencies, registered the highest transaction value at P1.3 trillion for a 36-percent increase from P966.2 billion in the same period a year ago. Total transactions also grew 15 percent to 1.4 million from 1.2 million.
The bank’s electronic bulk disbursement facility, LBCS, saw the most significant increases in utilization and value in the first half of the year, with total transactions reaching 3.6 million valued at P32.3 billion for unprecedented growth rates of 6,737 percent and 398 percent, respectively.
The LandBank Link.BizPortal, a web-based payment channel for paying for products and services online, also posted a 44-percent rise in volume to 4 million transactions worth P6 billion.
The value of transactions facilitated via LANDBANK’s online retail banking channel, iAccess, and its corporate internet banking platform, weAccess, improved by 3 percent and 53 percent to P9.1 billion and P433.3 billion, respectively.