LandBank records 42% growth in digital transactions in 2023

By Anna Leah Gonzales

March 19, 2024, 3:15 pm

MANILA – State-run Land Bank of the Philippines (LandBank) recorded a 42-percent growth in the value of digital transactions last year.

In a statement on Tuesday, LandBank said it facilitated a total of PHP8.8 trillion digital transactions in 2023 from PHP6.2 trillion in 2022.

The total volume of transactions facilitated through the bank's digital banking channels which include the mobile banking app, iAccess, weAccess, Link.BizPortal, i-Easy Padala, electronic tax payment system, electronic modified disbursement system, and LandBank Bulk Crediting System reached 92.9 million, up by 42 percent from the 62.6 million transactions recorded in 2022.

The i-Easy Padala, the bank's real time web-based remittance system for overseas Filipinos, facilitated 3.3 million transactions with a total value of PHP4.33 trillion.

LandBank said its mobile banking app facilitated 55.2 million transactions amounting to PHP316.8 billion.

Digital transactions facilitated by the bank's web-based payment channel, Link.BizPortal, reached 7.65 million with a total value of PHP11.5 billion.

The alternative payment channel, eTPS, meanwhile, facilitated PHP134 billion transactions while the bank’s online retail banking channel, iAccess, recorded PHP18.36 billion.

The eMDS, LandBank’s internet facility for national government agencies, facilitated 3.2 million transactions with a total value of PHP1.3 trillion.

The electronic bulk disbursement facility recorded a total of 7.1 million transactions amounting to PHP67.86 billion while the corporate internet banking platform, weAccess, facilitated 14.4 million transactions with a total value of PHP952.1 billion.

“LandBank continues to leverage technology to level-up service delivery and drive financial inclusion across the country. In step with growing customer demand, we are set to expand our innovative offerings to further contribute to the nation's digital transformation journey,” LandBank President and chief executive officer Lynette Ortiz said. (PNA)