(left photo) LANDBANK Agent Banking Partner, Tynnes Giggles Boutique of Nueva Ecija Province, facilitates the account opening of unbanked Philippine Identification System (PhilSys) registrants in San Isidro, and offers other banking services in San Antonio (right photo).
SAN ANTONIO, Nueva Ecija – When his daughter entered college, solo parent Nelson Quilantang needed to start saving to cover tuition fees for her chosen four-year degree. But without a bank account, he had difficulty building an education fund for her.
Nelson’s worries were laid to rest when he learned that the Land Bank of the Philippines (LANDBANK) was facilitating the opening of LANDBANK accounts at the same registration center where he signed up for the Philippine National ID.
This is part of LANDBANK’s co-location strategy with the Philippine Statistics Authority (PSA), wherein unbanked registrants who completed Step 2 of the Philippine Identification System (PhilSys) registration process are provided with their own LANDBANK transaction accounts free-of-charge and with no initial deposit requirement.
To reach and service more PhilSys registrants, LANDBANK is tapping agent banking partners (ABPs) to facilitate account application and Know-Your-Customer (KYC) activities at PhilSys registration areas nationwide.
Nelson was assisted at the PhilSys registration center by the staff of Tynnes Giggles Boutique—a general merchandising store and a LANDBANK ABP in Nueva Ecija—who helped him open an account and provide him his LANDBANK Prepaid Card on the same day.
With the Prepaid Card, Nelson is now able to regularly cash-in a portion of his earnings via Tynnes Giggles Boutique at their nearby branch in San Antonio, and more importantly, grow his savings for his daughter’s education. He can also perform other transactions such as cash-out, fund transfers, bills payments, and balance inquiries.
“Salamat sa LANDBANK dahil mas madali na akong nakaka-ipon ngayon. Malaking ginhawa din ang Tynnes Giggles Boutique dahil hindi ko na kailangan pang bumiyahe ng malayo,” said Quilantang.
Advancing financial inclusion through ABPs
LANDBANK ABPs play a major role in onboarding unbanked PhilSys registrants in the country. Of the total 8.1 million registrants who have signed up for LANDBANK transaction accounts nationwide, 3.5 million were serviced by ABPs as of end-May 2022.
Of the total 404,778 onboarded registrants in Nueva Ecija, 280,848 or 69% of the unbanked PhilSys registrants opened their accounts through LANDBANK’s eight ABPs in the province.
Of this number, Tynnes Giggles Boutique onboarded 102,697 PhilSys registrants from the Municipalities of Cabiao, Jaen, San Antonio, San Isidro, Gabaldon, Santo Domingo, Talavera, and the City of Palayan.
Boutique store owner Cristina Lejano travelled with her team around the province to facilitate account opening activities in PhilSys registration centers at the height of the pandemic—reaching as far as Gabaldon, which took almost 3 hours by land from their main office in San Antonio.
“More than the additional income, I applied as a LANDBANK Agent Banking Partner in order to serve our community. Having few financial institutions in our town, it was difficult for locals to conveniently access banking services. Our store is helping to bridge this gap,” said Lejano.
The Tynnes Giggles Boutique was officially accredited by LANDBANK as a full-suite ABP in 2020, after its staff completed the required trainings and complied with the requirements of the Bank.
Under its Agent Banking Program, LANDBANK initiates partnerships with client cooperatives, associations, rural banks, local government units (LGUs), micro, small and medium enterprises (MSMEs), and private entities to help provide basic banking services to areas with limited or no Bank presence.
LANDBANK recognized as outstanding BSP partner
Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. (leftmost) and Deputy Governor Bernadette Romulo-Puyat (rightmost) present a plaque of recognition and a special token to Land Bank of the Philippines (LANDBANK) President and CEO Lynette V. Ortiz (center), along with Executive Vice Presidents Liduvino S. Geron (2nd from right) and Leila C. Martin (4th from right), during the 2024 Outstanding BSP Stakeholders Appreciation Ceremony on 02 August 2024 at the BSP Head Office in Manila. LANDBANK was recognized for its strong support in the circulation and usage of the 1000-Piso polymer banknotes. The state-run Bank was also lauded for its vital role as the distribution arm of the National Government’s social welfare programs, ensuring the timely, safe, and efficient disbursement of cash aid to Pantawid Pamilyang Pilipino Program (4Ps) beneficiaries. ABOUT LANDBANK LANDBANK is the largest development financial institution in the Philippines promoting financial inclusion, digital transformation, and sustainable national development. Present in all 82 provinces in the country, the Bank is committed to provide accessible and responsive financial solutions to empower Filipinos from countryside to countrywide.
LEARN MORELLFC-ULFC merger to boost financing for enterprise expansion
Land Bank of the Philippines (LANDBANK) welcomed the recent issuance of Executive Order No. 65, which authorizes the merger of the LANDBANK Leasing and Finance Corporation (LLFC) and UCPB Leasing and Finance Corporation (ULFC). President Ferdinand R. Marcos Jr. signed EO 65 on 6 August 2024, which effectively merges the two leasing and finance corporations, with LLFC as the surviving entity. Both LLFC and ULFC are subsidiaries of LANDBANK, with the latter becoming a subsidiary upon the merger of LANDBANK and the United Coconut Planters Bank (UCPB) in 2022. “Given the similar product and service offerings, this synergy will enhance LANDBANK’s leasing and financing market power and reach. The move is also consistent with the national government’s streamlining to address duplication of functions, and organizational right-sizing to reduce the demand on government resources such as personnel and infrastructure, among others,” said LANDBANK President and CEO Lynette V. Ortiz. The merger positions LLFC to better support the national government’s development agenda, with its strengthened capital base and improved operational capacity. The state-run Bank also assured the clients of LLFC and ULFC that the merger will be smooth and orderly—with customer servicing unhampered—and conducted with the welfare of all stakeholders in mind. 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.
LEARN MORELANDBANK leads P110-B syndicated loan to fuel the local power sector
PSALM President and CEO Dennis Edward A. Dela Serna (2nd from right), LANDBANK President and CEO Lynette V. Ortiz (rightmost), and DBP President and CEO Michael O. de Jesus (3rd from right) lead the ceremonial signing for the P110-billion syndicated loan for PSALM on 30 July 2024 in Quezon City, witnessed by Assistant Government Corporate Counsel Judge Basilia Serrano-Angeles (leftmost). Land Bank of the Philippines (LANDBANK) has extended the majority of the P110-billion syndicated loan facility to state-owned Power Sector Assets and Liabilities Management (PSALM) Corporation in support of strengthening and enhancing the competitiveness of the country’s local power industry. LANDBANK committed to financing P60 billion of the total facility amount. The proceeds will be used by PSALM to augment its working capital requirements, refinance existing liabilities, and settle domestic contractual obligations. “LANDBANK has a long-standing history of supporting the National Government’s electrification initiatives, with our loan portfolio encompassing a wide range of energy-related projects. We will continue to support PSALM in addressing the energy needs of the country today and in the future,” said LANDBANK President and CEO Lynette V. Ortiz. PSALM President and CEO Dennis Edward A. Dela Serna, together with LANDBANK President and CEO Ortiz and Development Bank of the Philippines (DBP) President and CEO Michael O. de Jesus, led the ceremonial signing for the Php 110.0 billion syndicated term loan facility agreement on 30 July 2024 in Quezon City. Assistant Government Corporate Counsel Judge Basilia Serrano-Angeles witnessed the event. “We express our heartfelt gratitude to LANDBANK, DBP and OGCC for their continued support in attaining PSALM’s financial objectives. PSALM’s liability management program has presented significant challenges as we strive to fulfill our mandate of liquidating the financial obligations we have assumed. This syndicated loan provides additional financial support to PSALM, ensuring our continued progress and assist our asset management and privatization strategies,” said PSALM President and CEO Dela Serna. “With this loan, we are projecting a net reduction of PHP12.9 billion in our financial obligations for CY 2024,” he added. LANDBANK and DBP acted as the Joint Lead Arrangers for the syndicated deal, with the DBP - Trust Banking Group as the Facility and Paying Agent, and the Office of the Government Corporate Counsel (OGCC) as the Transaction Counsel. PSALM is a wholly-owned and controlled government entity mandated under the Electric Power Industry Reform Act (EPIRA) to take over the ownership of all existing generation assets of the National Power Corporation (NPC), independent power producer (IPP) contracts, real estate, and all other disposable assets, including the transmission business of the National Transmission Corporation (TransCo). The agency also manages the orderly sale and privatization of these assets with the objective of liquidating all of NPC's financial obligations in an optimal manner. LANDBANK has been a steadfast partner of PSALM since 2008, providing essential financing in support of its mandate under the EPIRA law. The Bank also continues to service the development requirements of the energy sector, including other industry players such as large oil companies, power producers, and distribution utilities. 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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