STATE-RUN Land Bank of the Philippines (LandBank) saw its digital transactions soar to a record P8.8 trillion last year driven by the growing number of users.
Transactions were 42 percent higher than the P6.2 trillion recorded in 2022, which was attributed to the surging volume of 92.9 million transactions through its digital banking channels, up 48 percent from 62.6 million in 2022.
This is facilitated through the LandBank Mobile Banking App (MBA), weAccess, Link.BIzPortal, i-Easy Padala, Electronic Tax Payment System (eTPS), Electronic Modified Disbursement System (eMDS), and LandBank Bulk Crediting System (LBCS).
"LandBank continues to leverage technology to level-up service delivery and drive financial inclusion across the country," LandBank President and CEO Lynette Ortiz said.
The state-run lender's web-based remittance system for overseas Filipinos, i-Easy Padala, covered almost half of the total recorded value last year to 3.3 million transactions for P4.33 trillion in value.
Meanwhile, LandBank MBA transactions grew by 44 percent to 55.2 million, which is equivalent to P316.8 billion.
Transactions made through Link.BizPortal went up by 33 percent to 7.65 million valued at P11.5 billion. Merchants using the payment channel also increased by 53 percent to 1,193 last year.
Moreover, LandBank's alternative payment channel such as eTPS and iAccess recorded P134 billion and P18.36 billion in value, respectively. While that for eMDS, 3.2 million transactions were made, generating P2.95 trillion in value.
The LBCS posted a total volume of 7.1 million transactions amounting to P67.86 billion last year.
A 53-percent and 57-percent increase in transactions and in value, meanwhile, was recorded in weAccess, facilitating over 14.4 million worth P952.1 billion, respectively.
"LandBank remains committed to further enhancing its digital platforms and expanding its reach, to better serve diverse customer needs and contribute to growing the Philippines' digital economy," it said in a statement.
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