DIGITAL TRANSACTIONS coursed through Land Bank of the Philippines (LANDBANK) increased in the first half, driven by increasing demand and the government’s push for online financial services.
The state-run bank facilitated a total of 77.6 million transactions amounting to P1.4 trillion in the first six months of the year, LANDBANK said in a statement on Sunday.
This translated to a 25% year-on-year growth in volume and a 21% increase in terms of value.
The transactions were composed of those done on LANDBANK’s mobile banking app, iAccess, weAccess, Link.BizPortal, Electronic Modified Disbursement System (eMDS), and LANDBANK Bulk Crediting System (LBCS), the lender said.
Broken down, LANDBANK’s mobile banking app recorded 59.8 million transactions worth P103.1 billion in the first half, 27% higher in terms of volume and up 37% in value.
LANDBANK’s eMDS, its Internet facility for national government partners, saw P966.2 billion in transactions, up 22% year-on-year, via 1.2 million transactions.
Meanwhile, transactions done via the bank’s corporate internet banking platform weAccess rose 11% to P262.8 billion, with the volume of transactions rising 17% to “more than 10 million”, LANDBANK said.
LANDBANK’s web-based payment facility, Link.BizPortal, facilitated 2.8 million transactions, up 48% year on year. The value of these payments rose 30% to P6 billion.
Lastly, iAccess, LANDBANK’s online retail banking channel, and LBCS, its electronic disbursement facility, recorded a combined 2.8 million transactions worth P15.3 billion.
Finance Secretary Benjamin E. Diokno on Friday gave his marching orders as LANDBANK’s new board chairman.
“LANDBANK should be at the forefront in transforming into reality the Marcos administration’s goals of achieving a truly inclusive financial system and long-term economic growth that benefits all Filipinos,” Mr. Diokno said in a video message.
The state-run bank’s net income soared by 93.5% year on year to P20.3 billion in the first half. — D.G.C. Robles