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DOTr, LANDBANK roll out automated fare system

September 1, 2022

The Department of Transportation (DOTr) and the Land Bank of the Philippines (LANDBANK) rolled out today the interim operation of the EMV-compliant Automated Fare Collection System (AFCS), geared towards the enhancement and modernization of the urban public transportation system in the country. 

The AFCS, which allows the convenient use of EMV-compliant contactless credit, debit and prepaid bank cards as cashless payment instruments in public transport modes, will be tested under a real-time operational condition in preparation for its full and commercial implementation.

Transportation Undersecretary Cesar B. Chavez, Land Transportation Franchising and Regulatory Board Chairperson Cheloy E. Velicaria-Garafil, Bangko Sentral ng Pilipinas Governor Felipe M. Medalla, and LANDBANK President and CEO Cecilia C. Borromeo, together with participating public transport operators, led the “Interim Operation Launch and Tripartite Memorandum of Agreement Ceremonial Signing” for the Automated Fare Collection System EMV Contactless Pilot Production Testing (AFCS EMV PPT) Project at the Parañaque Integrated Terminal Exchange (PITx) in Parañaque City on 01 September 2022.

“LANDBANK fully supports the AFCS project for convenient and safe cashless payments in our PUVs. Through LANDBANK Contactless Cards, we look forward to making the daily journey and payment experience of commuters as seamless as possible,” said President and CEO Borromeo.

A total of 150 Public Utility Vehicle (PUV) units in selected pilot sites in the National Capital Region, Central Luzon, Calabarzon, and Metro Cebu will participate in the AFCS PPT.

Only LANDBANK prepaid and credit contactless cards will be accepted and processed in the 150 participating PUVs during the first month of the AFCS pilot testing period. Once the necessary regulations or policy has been issued, the LANDBANK AFCS solution can also accept and process the EMV contactless cards issued by other local banks.

Commuters can pay for fares using LANDBANK’s Special Edition Transit Cards, Agent Banking Cards (ABC), General Purpose Reloadable (GPR) Cards, Provincial ID e-Cards, and Classic and Gold Credit Cards, among others. 

LANDBANK already distributed more than 4.5 million LANDBANK contactless EMV cards which can be used in the AFCS solution, with another 1.9 million cards available and ready for claiming by the account owners.

Through the years, LANDBANK has grown into one of the leading universal banks in the country while remaining faithful to its social mandate to promote inclusive and sustainable development. 

LANDBANK supports the modernization of the country’s transportation systems and services as a significant driver toward accelerated economic recovery and inclusive growth. 

 

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Boosting leasing and financial services: LLFC-ULFC merger complete with SEC approval

  Following the merger of LANDBANK and UCPB in 2022, the Securities and Exchange Commission (SEC) has recently approved the merger of LBP Leasing and Finance Corporation (LLFC) and UCPB Leasing and Finance Corporation (ULFC). LANDBANK President Lynette V. Ortiz (6th from left), LLFC President and CEO Michael P. Arañas (5th from left), and ULFC OIC Kristine Marie G. Cuevas (center), lead the turnover ceremony on 28 March 2025 at LANDBANK Plaza in Manila.   The Securities and Exchange Commission (SEC) has approved the documents governing the merger between LANDBANK subsidiaries—LANDBANK Leasing and Finance Corporation (LLFC) and UCPB Leasing and Finance Corporation (ULFC) on February 27, 2025—officially completing the consolidation, with LLFC as the sole surviving entity. The operational turnover and transition activities immediately followed the SEC approval.    The integration is in accordance with Executive Order (EO) 65 signed by President Ferdinand R. Marcos Jr. on 6 August 2024, which authorized the merger, as it eliminates unnecessary overlap in mandates and functions.    The merger follows the 2022 integration of the United Coconut Planters Bank (UCPB) into LANDBANK, which brought ULFC under LANDBANK’s umbrella.    "This merger is a strategic step towards strengthening our leasing and finance operations, ensuring greater efficiency and financial capability to support key sectors. By consolidating LLFC and ULFC into a single entity, we are optimizing resources, expanding market reach, and bolstering our contribution to the government's inclusive growth agenda," said LANDBANK President and CEO Lynette V. Ortiz.   The consolidation aligns with the government's broader effort of strengthening state-owned financial institutions by enhancing their capital base and operational efficiency. It positions LLFC to scale up support for agriculture, infrastructure development, and small and medium enterprises (SMEs), aligning with LANDBANK’s mission of advancing inclusive and sustainable growth.   LANDBANK assures all clients of LLFC and ULFC that the merger process was designed for a smooth and orderly transition, ensuring uninterrupted customer service.    With this merger, LANDBANK expands its financial services and reinforces its role in driving national economic development.   ABOUT LANDBANK   LANDBANK is the largest development financial institution in the country promoting financial inclusion, digital transformation, and sustainable national development. Present in all 82 provinces in the county, the Bank is committed to provide accessible and responsive financial solutions to empower Filipinos from countryside to countrywide.    

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LANDBANK unveils upgraded Optisaver Plus with free insurance

  LANDBANK is raising the bar for savings accounts with the launch of OptiSaver Plus — an upgraded version of its high-interest OptiSaver account—designed to help Filipinos grow their funds while enjoying free insurance coverage for greater financial security.   With tiered interest rates of up to 4% per annum, the LANDBANK OptiSaver Plus account provides depositors with free insurance coverage based on their Average Daily Balance (ADB).    Optisaver Plus account holders receive life insurance coverage which scales with account balance tiers, rewarding higher savings with greater financial protection. Meanwhile, personal accident insurance offers additional coverage against accidents resulting in injury or loss, ensuring a safety net for depositors and their families.   Maintaining a minimum ADB of ₱50,000 qualifies depositors for either free life insurance or free personal accident insurance, while those in the highest balance tier of ₱20 million and above receive both coverages.    “With the LANDBANK OptiSaver Plus, we are empowering our clients to achieve financial growth while securing their future. By combining the benefits of higher savings potential and built-in financial protection, we are ensuring their hard-earned money works even harder for them as they build wealth with confidence,” said LANDBANK President and CEO Lynette V. Ortiz.   As a savings account, the LANDBANK OptiSaver Plus offers flexibility with no tenor, and allows account holders to unlimited deposits and withdrawals with seamless access through LANDBANK's digital banking channels for cardless LANDBANK Visa Debit Card transactions and at all LANDBANK Branches for passbook over-the-counter transactions.   Interested clients can open an OptiSaver Plus account at any LANDBANK branch and receive a passbook for account monitoring.   Meanwhile, existing OptiSaver account holders who wish to avail of the free insurance coverage may visit their LANDBANK branch of account to complete the necessary forms. Account holders will also receive the forms via email from their branch of account.   ABOUT LANDBANK   LANDBANK is the largest development financial institution in the country promoting financial inclusion, digital transformation, and sustainable national development. Present in all 82 provinces in the county, the Bank is committed to provide accessible and responsive financial solutions to empower Filipinos from countryside to countrywide.     

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