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LB assures beneficiaries of CCTP funds release

State-run LandBank of the Philippines, the fourth-largest lender in terms of assets, assured the beneficiaries of the conditional cash transfer program of the government of the continuous release of their cash grants amid the coronavirus 2019 pandemic.

 In a statement on Tuesday, LandBank said it would continue to release the cash grants as scheduled through the beneficiaries’ LandBank cash cards.

The government’s social intervention program called the Conditional Cash Transfer (CCT) is under the Department of Social Welfare and Development’s Pantawid Pamilyang Pilipino Program (4Ps).

 Crediting of the cash grants to a total of 2,528,122 CCT beneficiaries nationwide will be on March 24, 26 and 28, 2020, the bank said.

 At the same time, LandBank reminded the beneficiaries, including the general public, that the cash cards may be used for cashless purchases of groceries and medicines in supermarkets and drugstores through the point-of-sale machines at the cashier or check-out counters.

 Also, in line with safety and health measures being adopted by the bank, clients are encouraged to use LandBank’s ATMs and electronic banking channels which may be accessed 24/7, anytime, anywhere, instead of going to its branches.

 These include the LandBank Mobile App, iAccess, WeAccess, Link.Biz Portal, Electronic Tax Payment System and Phone Access.

 Meanwhile, Land Bank also assured the public of its continued banking operations. Selected Land Bank branches in the National Capital Region, Luzon, Visayas and Mindanao will remain open.

The onslaught of COVID-19 pandemic compelled the government to place the entire Luzon island under a month-long enhanced community quarantine that will last until April 12, 2020.

The government allowed supermarkets, public markets, drugstores, groceries, and banks to remain open to service the needs of the general public.

Aside from being the distribution arm for the government’s Pantawid Pamilyang Pilipino Program, LandBank is also in charge of releasing the fuel subsidy cards for jeepney operators and drivers under the Pantawid Pasada program.

This is meant to ease the effects on them of the fuel excise tax adjustments under the Tax Reform for Acceleration and Inclusion Act (TRAIN). 

Topics:  LandBank of the Philippines , Tax Reform for Acceleration and Inclusion Act , Pantawid Pamilyang Pilipino Program , Conditional Cash Transfer
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