Government-run Landbank has reduced its InstaPay transfer fee for person-to-person transactions from P15 to P8 as it pushes to make digital banking services cheaper and more accessible to Filipinos.
The lower transfer fee took effect on May 21 and applies to fund transfers made through the Landbank Mobile Banking App and iAccess platform. The bank is also offering one free InstaPay transfer daily for transactions worth P1,000 and below.
Landbank said the move is aimed at lowering the cost of daily digital transactions and encouraging wider use of cashless payment channels.
“Reducing digital transaction costs is a crucial step in bringing 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,” said Department of Finance secretary and Landbank chair Frederick D. Go.
Landbank president and CEO Lynette V. Ortiz said the bank is continuing efforts to expand access to digital financial services.
“Landbank remains committed to advancing financial inclusion by making digital banking more affordable and accessible. By lowering transaction fees, we are enabling more Filipinos to use secure and convenient digital channels for their everyday financial transactions,” Ortiz said.
The bank also disclosed plans to remove Landbank fees for select person-to-government online payment services, which would cover transactions such as taxes, fees, and other government dues.
Landbank is one of the country’s largest government financial institutions and has been expanding its digital banking services as part of the government’s broader push for financial inclusion and digitalization.
