The state-run bank facilitated 94.7 million transactions worth P1.9 trillion from January to June 2023, representing year-on-year jumps of 22% and 41% in volume and value, respectively.
A UP Law professor explained that the current tax system was developed for brick-and-mortar or traditional businesses with a physical location and is not applicable for e-commerce firms.
The overall increase in transaction value was propelled by the bank’s corporate Internet banking platform, the Landbank weAccess, which logged 13.26 million transactions worth P2.95 trillion – a 739% increase in value from the same period last year.
