LAND BANK of the Philippines (LANDBANK) saw an 67% increase in digital transactions via its online channels last year, it said on Monday.
The state-run lender facilitated 162.28 million digital transactions last year, up from 97.08 million in 2023, it said in a statement.
This translated to a total value of P3.38 trillion, up by 38% from P2.45 trillion the year prior.
“Digital banking is not just about convenience — it’s about inclusion. Through our digital banking channels, we are empowering every Filipino to take control of their finances. Our goal is to make safe, reliable, and convenient banking accessible to all, especially our farmers and fishers, business owners, OFWs, and government agencies,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said.
Majority of the transactions were done via the LANDBANK Mobile Banking App (MBA), with the total volume hitting a record 106.82 million last year or nearly double the 55.2 million transactions facilitated in 2023.
“Through the MBA, users can perform a wide range of banking services, including fund transfers, bill payments, and investing in government securities. Among the app’s major enhancements last year was the straight-through account opening feature, which allows customers to open a digital account online via smartphones without visiting a branch,” LANDBANK said.
Meanwhile, in terms of value, LANDBANK’s corporate online banking platform weAccess posted the highest transaction value among its digital channels last year at P1.36 trillion, up by 43% year on year from P952.14 billion in 2023.
The state-run bank’s other digital channels are its online retail banking platform iAccess; its web-based payment channel Link.BizPortal; the Electronic Modified Disbursement System, which is a facility for institutional clients and national government partners; and LANDBANK Bulk Crediting System, which is an electronic bulk disbursement facility.
As part of its ongoing digital transformation, the bank in December last year began its rollout of “phygital” or physical-digital branches, it said.
“These branches showcase a refreshed look, equipped with self-service machines, new queuing and tellering systems, meeting pods, and interactive zones,” LANDBANK said.
The state-run lender is also ramping up its LANDBANKasama Program, through which it aims to provide basic banking services like cash withdrawal, deposit, fund transfers, bills payment, and balance inquiry in underserved areas in collaboration with local cooperatives, associations, rural banks, local government units (LGUs), micro, small, and medium enterprises, and private entities.
“LANDBANK is also pioneering cash-lite ecosystems in key areas, starting with the Province of Batanes. By promoting the use of digital payments and equipping local merchants, residents, students and LGUs with digital financial tools and skills, the initiative promotes the use of cashless transactions as a safer, faster, and more convenient way to manage daily financial needs — ultimately reducing reliance on physical cash and fostering a digitally inclusive local economy,” it said.
“With its digital strategy in full swing, LANDBANK remains committed to accelerating digital transformation and delivering enhanced customer experience across the country — anchored on its mandate to serve the agriculture sector, empower small farmers and fishers, and drive inclusive and sustainable national development for all Filipinos,” it added.
LANDBANK’s net income declined to P35.36 billion in 2024 from P42.07 billion in 2023, its financial statement posted on its website showed. — A.M.C. Sy