RRSS News Online Newspaper ng mga Pinoy
Sending money to another individual through the government-owned Land Bank of the Philippines (LBP) is now only P8, that is P7 cheaper as compared to regular person-to-person transaction which costs P15.
The government-run bank has said that the initiative seeks to make transactions easier, faster and more affordable for Filipinos to pay taxes, fees and other public online dues.
In turn, this brings more Filipinos into the formal financial system.
“By making fund transfers more affordable, Landbank is helping empower individuals, families and small businesses to participate more actively in the digital economy,” Finance Secretary and Landbank chairman Frederick Go has said.
Meanwhile, sending money that costs P1,000 and below is now free.
Landbank has said that they are also rolling out zero fees for person-to-government payment services for select government transactions.
The more affordable pricing is through the Instapay option on the LBP I-Access application. Instapay is an electronic fund transfer payment system that allows individuals to wire funds across banks in real time. This was launched by the Bangko Sentral ng Pilipinas (BSP) in 2018.
The Bangko Central, meanwhile, is pushing to remove electronic fund transfer fees, at least for small transactions, as it aims to maximize the country’s payment system.
Being the country’s leading government bank, Landbank keeps it momentum in championing a more inclusive and cash-lite economy by delivering innovative, accessible and cost-efficient digital financial solutions to the public.
“Landbank remains committed to advancing financial inclusion by making digital banking more affordable and accessible,” LBP President and CEO Lynette Ortiz said.
She added, “By lowering transaction fees, we are enabling more Filipinos to use secure and convenient digital channels for their everyday financial transactions.”
