State-run Land Bank of the Philippines has doubled the daily amount limit of fund transfers via InstaPay from P50,000 to P100,000 beginning July 14, 2023 in line with its objective of providing more accessible and convenient digital services to its clients.
LANDBANK president and chief executive Lynette Ortiz said the bank continues to extend the limits of its digital banking solutions to meet the growing needs of its diverse client base.
“LANDBANK is driven to promote greater digital adoption to help accelerate financial inclusion in the country and build a cashless society,” Ortiz said.
The bank also reduced its transaction rate for fund transfer via InstaPay from P25 to P15 starting June 15, 2023.
LANDBANK is currently working on providing depositors the ability to set their own fund transfer and bills payment limits for added flexibility and convenience.
Meanwhile, inter-bank fund transfers using LANDBANK and Overseas Filipino Bank accounts remain free of charge.
The new fund transfer and bills payment policies apply to transactions facilitated via LANDBANK’s retail digital banking channels, the LANDBANK Mobile Banking Ap and iAccess.
The two digital platforms have facilitated a combined 66.7 million transactions amounting to P123.4 billion for the first five months of 2023.
LANDBANK’s net profit in the first quarter of 2023 posted an 18-percent decline to P10.8 billion from P13.2 billion a year ago but it was P2 billion higher than its target for the period and accounted for 30.8 percent of the bank’s P35-billion income target for the full year.
The first-quarter net income was driven by higher interest income and lower operating costs. Meanwhile, the unprecedented P13.2 billion net income a year ago was driven by non-recurring miscellaneous income.
Interest income from loans and investments rose 54 percent to P20.9 billion, despite the higher cost of funds due to volume of deposits and rising interest rates. On the other hand, operating expenses declined by P797 million.
The bank grew its asset base by 11.7 percent to P3.1 trillion as deposits expanded to P2.8 trillion. The government sector remains to be its core depositor, contributing 71 percent of its total deposits.
Meanwhile, the bank posted modest capital growth year-on-year at 3.2 percent to P225.3 billion.