Manila: State-owned Land Bank of the Philippines (LandBank) will make all online fund transfers free starting Tuesday (July 7), enabling retail clients to send money at no cost via its mobile banking app (MBA) and iAccess for InstaPay and PESONet transactions. In a statement Monday, LandBank said the zero-fee policy also extends to Overseas Filipino Bank (OFBank) clients worldwide.
According to Philippines News Agency, the comprehensive zero-fee framework supports President Ferdinand R. Marcos Jr.'s directive to strengthen digital financial services and expand access to efficient, affordable, and accessible banking services for all Filipinos. 'Every peso saved on transfer fees is a peso that Filipino families can spend on their daily needs and that businesses can reinvest in growth. LandBank once again is leading by example, and I hope all financial institutions will continue lowering or removing the cost of digital transactions for every Filipino," said LandBank Chairperson and Finance Secretary Frederick Go.
The move is part of a broader effort to accelerate digital financial inclusion and ensure affordable, efficient banking services for all Filipinos. 'By expanding our zero-fee digital framework from government payments to everyday retail transfers, we want to ensure that our banking services directly uplift our workers, small business owners, and overseas Filipinos. Our focus remains on keeping our platforms secure, reliable, and accessible to everyone, helping our clients stay connected to their families and businesses without the burden of extra costs," LandBank President and CEO Lynette Ortiz said.
