Digital transactions up 30% in Q1 – LandBank

May 15, 2023 – STATE-RUN Land Bank of the Philippines said over the weekend that the value of its major digital banking platforms in the first quarter of 2023 rose by 30 percent compared to a year earlier.

The increase to P735.95 billion from the previous year’s P567.6 billion was facilitated by a total of 41.2 million transactions representing a 5-percent rise year on year via the Mobile Banking App (MBA), weAccess, Electronic Modified Disbursement System (eMDS), Link.BizPortal, iAccess, and the Bulk Crediting System (LBCS).

“The growing adoption and utilization of our digital channels is a testament to LandBank’s steadfast commitment to provide safe and convenient banking services,” bank President and CEO Cecilia Borromeo said.

“We remain focused on investing in our digital infrastructure to meet the evolving and diverse needs of our customers,” she added.

The Link.BizPortal, the bank’s web-based payment channel, enabled 2.18 million transactions which translated to a 58-percent climb amounting to P3.0 billion in value.

Both weAccess and iAccess recorded value increases of 39 percent and 2 percent totaling P199.38 billion and P4.6 billion, respectively.

MBA’s value also went up by 31 percent to P61.79 billion with an 8-percent increase in total transactions of 32.2 million.

LBCS saw the biggest increase in value at 1,402 percent, amounting to P19.7 billion from 1.8 million recorded transactions.

The eMDS platform likewise experienced significant growth in value by 22 percent to P447.5 billion from a total of 597,496 transactions, which is equivalent to about 85 percent of all disbursements of the national government in the first three months of the year.

Meanwhile, a total of 4 million accounts have been opened via the Digital Onboarding System (DOBS) since 2018, which include accounts opened for clients of the Overseas Filipino Bank, the official digital bank of the Philippine government and a subsidiary of LandBank.

Image by: ENRIQUE AGCAOILI

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