Manila: State-owned Land Bank of the Philippines (LandBank) recorded a 67-percent surge in digital banking usage in 2024, with 162.28 million transactions from 97.08 million transactions in 2023. The digital transactions last year amounted to PHP3.38 trillion, 38 percent higher than the value in 2023 at PHP2.45 trillion, LandBank reported Monday.

According to Philippines News Agency, LandBank President and Chief Executive Officer Lynette Ortiz emphasized the importance of digital banking for financial inclusion. "Digital banking is not just about convenience - it's about inclusion. Through our digital banking channels, we are empowering every Filipino to take control of their finances. Our goal is to make safe, reliable, and convenient banking accessible to all, especially our farmers and fishers, business owners, OFWs (overseas Filipino workers), and government agencies," Ortiz said.

LandBank highlighted that its Mobile Banking App (MBA) led the growth in digital transaction volume, with a record high usage of 106.82 million transactions in 2024, nearly doubling the volume in 2023 at 55.2 million. Through the MBA, clients can access a wide range of banking services such as fund transfers, bill payments, and investing in government securities, among others. The app also allowed the opening of digital accounts without needing to visit a LandBank branch last year.

LandBank's weAccess, the internet banking platform, recorded the largest chunk of digital transaction value amounting to PHP1.36 trillion, up by 43 percent year-on-year from PHP952.14 billion. The bank's other digital channels include iAccess, an online retail banking platform; Link.BizPortal, a web-based payment channel; the Electronic Modified Disbursement System (eMDS) for institutional clients and national government partners; and the electronic bulk disbursement facility, LandBank's Bulk Crediting System (LBCS).