In line with advancing financial inclusion, the Land Bank of the Philippines (LANDBANK) will be significantly reducing transaction rates for fund transfer via InstaPay effective 15 June 2023.
All fund transfer transactions, regardless of the amount, will now be subject to a fixed transaction fee of P15, down from the previous rate of P25.
“By lowering fund transfer rate, more customers will benefit from the convenience and efficiency of our products. This is part of our commitment to provide accessible and affordable digital banking solutions, and to help expand financial inclusion,” said LANDBANK President and CEO Lynette V. Ortiz.
Digital fund transfer is facilitated by the LANDBANK Mobile Banking App (MBA) and iAccess for retail clients, and weAccess for Corporate Accounts. For the first three months of 2023, the three digital platforms have facilitated transactions amounting to a total of P265.7 billion.
In full support of the National Government’s financial inclusion agenda, the reduction of transaction rates underscores LANDBANK’s steadfast commitment to meeting the evolving needs of customers, in line with its expanded mandate of serving the nation.
