Landbank: ‘PhilSys’ brings more than 5M unbanked Filipinos to financial mainstream

·2 min read

THROUGH the Philippine Identification System (PhilSys), state-run Land Bank of the Philippines (Landbank) onboarded more than five million unbanked PhilSys registrants nationwide.

As of Sept. 2, 2021, Landbank said in a statement that it has onboarded 5.3 million unbanked PhilSys registrants for their own transaction accounts through account opening booths at select PhilSys co-location areas nationwide.

“Bringing unbanked Filipinos into the financial mainstream lays the groundwork for inclusive growth, especially as we fast-track initiatives toward economic recovery and sustained development. Access to formal banking services encourages people to save money, repay loans, invest in financial products, and guides them to financial independence,” Landbank president and chief executive officer Cecilia Borromeo said.

The registrants have already utilized the Landbank prepaid cards for various transactions amounting to P31.8 million.

The PhilSys registrants can use the Landbank prepaid cards to safely and conveniently manage funds, withdraw cash, perform cashless trasactions, shop and pay bills online, and receive government subsidies digitally.

Unbanked PhilSys registrants may sign up for Landbank transaction accounts once they complete the PhilSys Step 2 registration, which covers validating supporting documents and capturing biometrics information.

PhilSys registrants can also activate their Landbank prepaid cards and perform their transactions through the Landbank Mobile Branches, which are deployed to communities across the country with disrupted or limited access to banking services.

The Landbank Mobile Branch is designed to service unbanked and underserved communities and areas affected by disasters, calamities, and other disruptive events, which form part of Landbank’s intensified efforts to advance greater financial inclusion in the country.

Landbank said it affirms its commitment to support the PhilSys Project by co-locating with the PSA to reach more of the unbanked population in support of the National Government’s target of providing at least one bank account for every Filipino household by the end of this year.

As of September 3, 2021, 41.9 million Filipinos have registered for step 1 or the demographic data collection.

Of this, 28.6 million have registered for step 2 or the biometrics capture and 5.2 million individuals have applied for a bank account, while 1.5 million Filipinos have already received their identification cards or PhilID, based on the figures by the National Economic and Development Authority. (JOB with PR)

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