For its efficient online account opening through the Digital Onboarding System (DOBS), state-owned Land Bank of the Philippines has received a commendation from the Philippine Army (PA) for making it easier for new clients like Army recruits to open payroll accounts online.
Landbank will be working with Department of Trade and Industry-Construction Industry Authority of the Philippines, the Bureau of the Treasury, and PayMaya to ensure the efficient settlement of online payments made by clients and timely remittance of payments to the National Treasury.
The state-owned digital-only Overseas Filipino Bank (OFBank) has registered about 300 account openings a day since its mobile app was launched last June 29, its president and chief executive officer Leila Martin said.
Beneficiaries of the Social Amelioration Program being implemented by the DSWD can expect a faster release for the second tranche of their cash subsidies.
The national government, spearheaded by the Department of Finance and Landbank, has launched the Overseas Filipino Bank (OFBank) as a digital-only, first branchless government bank that allows overseas Filipinos to perform banking transactions anytime and anywhere in the world.
Landbank’s five major electronic channels recorded a 57.7% increase in volume of transactions as of end-March from end-February 2020.
Landbank started releasing on Tuesday, April 7, cash aid totaling P33.408 million or P8,000 each to 4,176 TNVS drivers in NCR to help them cope with the suspension of mass public transportation amid the enhanced community quarantine in Luzon.
PayMaya is providing its universal payments platform to DTI to accept all forms of non-cash payments.