State-run Land Bank of the Philippines (LANDBANK) said a total of 2.482 million unbanked Philippine Identification System (PhilSys) registrants had signed up for its transaction accounts as of April 30 this year.
The lender said this is part of its collaboration with the Philippine Statistics Authority (PSA) to provide unbanked registrants with their own transaction accounts during the PhilSys Step 2 registration.
LANDBANK added it has already issued Agent Banking Cards (ABCs) to 850,875 of the 2.482 million unbanked registrants, free of charge and without an initial deposit requirement, while the rest will obtain their cards by July.
“Upon the invitation of National Economic and Development Authority Secretary Karl Kendrick T. Chua to co-locate with the PSA, LANDBANK aims to bank at least one household member of the estimated 18 million low-income households applying for the National ID and provide them access to basic banking services and emergency government subsidies,” it added.
Unbanked PhilSys registrants can avail of LANDBANK transaction accounts after completing the second phase of the registration process, which includes document validation and biometric data capture.
Unbanked PhilSys registrants can get ABCs for free and without making an initial deposit at LANDBANK account opening booths in designated co-location areas.
Cardholders can cash in, cash out, and move funds using the cards at any LANDBANK branch or agent banking partner. They can also withdraw cash from ATMs that accept Mastercard, make cashless purchases, shop online, and obtain government assistance remotely.
Under the Department of Transportation’s Automatic Fare Collection System initiative, the LANDBANK ABCs will soon be able to be used as contactless cards to pay fares in public transportation modes, according to the lender.
LANDBANK also announced it is enlisting staff from its eight branches groups across the country, as well as certified cooperatives, associations, small and medium enterprises, and private organizations as agent banking partners, to assist with account applications and know-your-customer requirements at registration sites.
BY MEYNARD DELA CERNA