Students, public utility vehicle drivers, vendors, household helpers, farmers, fishers, and other unbanked and underserved Filipinos can now open a LANDBANK PISO account with just P1.00 as minimum initial deposit. The Land Bank of the Philippines (LANDBANK) offers a new product to help bring more unbanked and underserved Filipinos—including students, public utility vehicle drivers, vendors, household helpers, farmers, and fishers—into the country’s formal banking system. Through the LANDBANK “Perang Inimpok Savings Option” or PISO account, interested customers can open a LANDBANK deposit account with only P1.00 as minimum initial deposit and up to a maximum of P50,000 account balance. The depositor is only required to submit one (1) valid identification card or any Barangay certification, clearance, or ID for verification. The LANDBANK PISO account is being offered to individuals without an existing LANDBANK deposit account and have no capacity to open a regular deposit savings account with higher initial deposit and maintaining balance requirements. “The LANDBANK PISO is another testament of our commitment to advance the National Government’s financial inclusion agenda. We continue to develop accessible and convenient banking products relevant to the diverse needs of our customers, including the unbanked and underserved,” said LANDBANK President and CEO Cecilia C. Borromeo. With the LANDBANK PISO, accountholders can access the Bank’s array of digital banking channels such as the iAccess, Link.BizPortal, and the Mobile Banking App for fund transfer, bills payment, and balance inquiry services. Accountholders can also use the PISO account in any LANDBANK, BancNet, and 7-Eleven Automated Teller Machines (ATMs), domestic Point-of-Sale (POS) terminals, and for over-the-counter transactions in their respective LANDBANK branch of account. Interested individuals may go to the nearest LANDBANK Branch in their area to open a LANDBANK PISO account. LANDBANK remains to be the only bank present in all of the country’s 81 provinces. As of 30 June 2022, the state-run Bank operates 608 branches; 2,847 ATMs; and 233 Cash Deposit Machines nationwide.
READ MOREDhaemyze Wong, a Grade 7 student from Poro, Cebu, opened a LANDBANK PISO account – her very first bank account – on 27 January 2023, with just P1.00 as initial deposit and one valid ID. PORO, Cebu – 74-year-old Jesus Abao Wong has always dreamed of teaching his granddaughter the value of saving for the future – a lasting legacy he hopes she will cherish someday. “I have always wanted to open an ATM savings account for my granddaughter and teach her how to save for her future,” he said. However, he was worried that his 12-year-old granddaughter, Dhaemyze, would have difficulty opening and managing her own bank account, especially in preparing and submitting the necessary documentary requirements. So when he learned about the PISO (Perang Inimpok Savings Option) account offered by the Land Bank of the Philippines (LANDBANK), he immediately accompanied Dhaemyze to the LANDBANK Camotes Branch and successfully opened her very first bank account, with just P1.00 as initial deposit and one valid identification card. “The process was as easy as 1-2-3. As soon as we entered the premises of LANDBANK, we were promptly assisted by the personnel who helped us throughout the application process,” Jesus excitedly shared. Launched in 2022, the LANDBANK PISO account is offered to individuals without existing deposit accounts and have no capacity to open a regular deposit savings account with higher maintaining balance and documentary requirements. With her LANDBANK PISO account, Dhaemyze can now securely keep her extra cash from her school allowance and savings, and more importantly, develop healthy financial habits at an early age with the guidance of her grandfather. “LANDBANK personnel have always been courteous and friendly. As a customer, I am confident that they will always be ready to assist the banking needs of my granddaughter anytime,” added Jesus. Banking the unbanked As of 31 March 2023, LANDBANK has opened close to 18,000 PISO accounts for unbanked and underserved Filipinos, including students, public utility vehicle drivers, vendors, household helpers, farmers, and fishers. This covers remote communities across the country, reaching as far as the municipalities of Basco, Batanes; Moalboal, Cebu; Mati, Davao Oriental, and Claver, Surigao del Norte, among other far-flung areas. With the LANDBANK PISO, accountholders can access the Bank’s menu of digital banking channels such as the iAccess, Link.BizPortal, and the Mobile Banking App for convenient fund transfer, bills payment, and balance inquiry services. Accountholders can also use the PISO account in any LANDBANK, BancNet, and 7-Eleven Automated Teller Machines (ATMs), domestic Point-of-Sale (POS) terminals, and for over-the-counter transactions in their respective LANDBANK branch of account. To open a LANDBANK PISO account, interested individuals only need to bring one peso and one valid ID or any Barangay certification/clearance for verification to the nearest LANDBANK Branch.
READ MOREThe Land Bank of the Philippines (LANDBANK) was recognized by Kantar Philippines as one of the 2023 Best Philippine Brands under the “Banking” category for providing convenient, accessible and innovative banking services to unbanked and underserved Filipinos nationwide. Kantar conferred the award to LANDBANK for its strong brand of service, decades of empowering the underserved, and for advancing financial inclusion in the country through the accessibility of its integrated physical and digital banking services. The market research firm also highlighted the Bank’s efficient delivery of cash grants to beneficiaries of the National Government’s social amelioration programs, particularly the digital disbursement of financial assistance under the Conditional Cash Transfer (CCT) Program. “This recognition is a testament to LANDBANK’s unwavering pursuit to reach and serve more Filipinos nationwide. We are continuously working towards the strategic expansion of our physical touchpoints and the enhancement of our digital channels to deliver exceptional and accessible banking service,” said LANDBANK President and CEO Lynette V. Ortiz. In support of the National Government’s financial inclusion drive, LANDBANK has also onboarded 8.35 million Philippine Identification System (PhilSys) registrants for their own transaction accounts, under the Bank’s co-location strategy with the Philippine Statistics Authority (PSA). The partnership aims to bank previously unbanked PhilSys registrants and grant them formal access to basic banking and other financial services. LANDBANK likewise has 1,111 agent banking partners (ABP) nationwide that offer services such as cash out, cash in, fund transfer, bills payment, and opening and issuance of LANDBANK Agent Banking Cards in unbanked and underserved communities. The Bank is also offering individuals who have no capacity to open a regular deposit savings account to open a LANDBANK “Perang Inimpok Savings Option” or PISO account with only P1.00 as minimum initial deposit and up to a maximum of P50,000 account balance. LANDBANK has opened 52,406 PISO accounts for unbanked and underserved Filipinos including students, public utility vehicle drivers, vendors, farmers, and fishers, as of end-August 2023. Kantar BrandZ Philippine Report LANDBANK was recognized for its strong brand image in the Kantar BrandZ Philippine Report, which was based on a comprehensive survey conducted in 2022 covering 44 local brands across four categories – banks, communication providers, general retailers and beverages. Kantar is a global marketing and data analytics company that specializes in analyzing, understanding, and interpreting consumer behavior and trends. The 2023 Philippines Brand Awards is the first edition held by Kantar Philippines in the country to honor the top brands that bring value to the lives of Filipino consumers.
READ MOREAs of Tue, July 16, 2024
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