Land Bank of the Philippines said it posted a 30-percent year-on-year increase in the value for its major digital banking platforms in the first quarter of 2023.
LandBank said in a statement the increase to P735.95 billion from the previous year’s P567.6 billion was facilitated by 41.2 million transactions representing a 5-percent rise year-on-year via the LandBank Mobile Banking App, weAccess, Electronic Modified Disbursement System, Link.BizPortal, iAccess and the LandBank Bulk Crediting System.
“The growing adoption and utilization of our digital channels is a testament to LandBank’s steadfast commitment to provide safe and convenient banking services,” LandBank president and chief executive Cecilia Borromeo said.
“We remain focused on investing in our digital infrastructure to meet the evolving and diverse needs of our customers,” she said.
The LandBank Link.BizPortal, the bank’s web-based payment channel, facilitated 2.18 million transactions which translated to a 58-percent climb amounting to P3.0 billion in value.
Both the LandBank weAccess and iAccess recorded value increases of 39 percent and 2 percent, amounting to P199.38 billion and P4.6 billion, respectively.
The LandBank MBA’s facilitated value also went up by 31 percent to P61.79 billion with an 8-percent increase in total transactions of 32.2 million.
The LBCS saw the biggest increase in value at 1,402 percent amounting to P19.7 billion from 1.8 million recorded transactions.
The bank’s eMDS platform also saw a significant growth in value by 22 percent to P447.5 billion from 597,496 transactions, which was equivalent to about 85 percent of all disbursements of the national government in the first three months of the year.
Meanwhile, a total of 4 million accounts have been opened via the LandBank Digital Onboarding System since 2018, which included accounts opened for clients of the Overseas Filipino Bank, the official digital bank of the Philippine government and a subsidiary of LandBank.