DIGITAL TRANSACTIONS through the Land Bank of the Philippines (LANDBANK) increased in the first half, driven by growing demand and government pressure for online financial services.
The state-owned bank facilitated a total of 77.6 million transactions amounting to 1.4 trillion pesos in the first six months of the year, LANDBANK said in a statement on Sunday.
This translated into a 25% growth in volume year over year and a 21% increase in value.
The transactions consisted of those made on LANDBANK’s mobile banking application, iAccess, weAccess, Link.BizPortal, Electronic Modified Disbursement System (eMDS) and LANDBANK Bulk Crediting System (LBCS), the lender said.
Broken down, LANDBANK’s mobile banking app recorded 59.8 million transactions worth 103.1 billion pesos in the first half, up 27% in volume and 37% in value.
LANDBANK’s eMDS, its internet service for national government partners, recorded 966.2 billion pesos in transactions, up 22% year-on-year, through 1.2 million transactions.
Meanwhile, transactions conducted through the bank’s corporate online banking platform, weAccess, increased 11% to 262.8 billion pesos, with transaction volume increasing 17% to “more of 10 million,” said LANDBANK.
LANDBANK’s online payment service, Link.BizPortal, facilitated 2.8 million transactions, up 48% year-on-year. The value of these payments increased by 30% to reach P6 billion.
Finally, iAccess, LANDBANK’s online retail banking channel, and LBCS, its electronic disbursement system, recorded a combined 2.8 million transactions worth 15.3 billion pesos.
Finance Secretary Benjamin E. Diokno on Friday gave his marching orders as the new chairman of LANDBANK’s board of directors.
“LANDBANK should be at the forefront of transforming the Marcos administration’s goals of achieving a truly inclusive financial system and long-term economic growth that benefits all Filipinos into reality,” Mr. Diokno said. in a video message.
The public bank’s net income jumped 93.5 percent year-on-year to 20.3 billion pesos in the first half. — DGC Robles