LAND BANK of the Philippines (LANDBANK) said the transaction cards given for free to unbanked national identification registrants are not pre-loaded with government assistance.

LANDBANK clarified this in a statement on Wednesday after crowds expecting financial assistance turned up at registration centers due to false information circulated online.

To provide transaction accounts to unbanked Filipinos, LANBANK is working with the Philippine Statistics Authority (PSA) as it rolls out the Philippine Identification System (PhilSys).

Unbanked registrants are being encouraged to open LANBANK transaction accounts at booths set up in PSA registration centers.

“The LANDBANK card can be used to conveniently manage funds and make financial transactions such as withdraw and send money, shop and pay bills online, among others,” the state-run bank said.

As of end-October, 6.14 million unbanked Filipinos registered for transaction accounts at over a thousand registration sites.

The government aims to expand financial inclusion through a national ID system that removes burdensome ID requirements usually needed to open bank accounts.

The state-run bank’s net income grew by 21.2% in the first nine months of the year to P16.72 billion from P13.8 billion in the same period last year on the back of the lower cost of funds.

This puts the bank on track to meet its P19.68-billion profit target by yearend. — Jenina P. Ibañez