State-run Philippine Deposit Insurance Corp. (PDIC) and Land Bank of the Philippines (Landbank) have agreed to implement a new web-based payment option for settling claims of closed bank creditors.
Under the collaboration signed on July 21, 2025, the Landbank Bulk Credit System (LBCS) will serve as an additional settlement channel for creditors of closed banks under PDIC receivership.
The facility can process high-volume electronic fund transfers in a single transaction and is linked to national payment systems like PESONet and InstaPay, allowing same-day or real-time crediting.
PDIC said the system eliminates the need for paper checks and cash handling while ensuring accuracy and transparency.
The LBCS is the fourth claims settlement facility that Landbank has provided for PDIC, following earlier initiatives such as the issuance of manager’s checks in 2012 and the Visa Debit Card facility in 2024, among others.
PDIC president and chief executive Roberto Tan said memorandum of agreement signing reflects the strong, synergistic and continuing bond between the organizations. “With LandBank’s support, PDIC can earn the continuing trust of the public, including closed bank creditors,” he said.
