Landbank Unveils New Product to Serve Unbanked Filipinos

Land Bank of the Philippines (LandBank) has just launched its new product for unbanked and underserved communities. The “Perang Inimpok Savings Option” (PISO) enables customers to open a deposit account with just a minimum of ₱1 opening deposit and a maximum account balance of ₱50,000. The government-owned bank opens this option to individuals without a Landbank deposit account who are unable to meet the minimum opening deposits and balance requirements of other banks.

To open a PISO account, a depositor only needs to submit one valid identification (ID) card for verification. Landbank will also accept any barangay certification, clearance, or ID. Interested individuals may visit the nearest Landbank branch in their area to open an account. The state-run bank affirms that its new product aims to bring more Filipinos into the formal banking system. Among its target customers are students, public utility vehicle drivers, vendors, domestic assistants, farmers, and fisherfolk.

“The LANDBANK PISO is another testament of our commitment to advance the National Government’s financial inclusion agenda,” explained LandBank president and CEO Cecilia Borromeo. “We continue to develop accessible and convenient banking products relevant to the diverse needs of our customers, including the unbanked and underserved.”

Additionally, customers with a PISO account will also be able to use Landbank’s network of digital banking channels. These include iAccess, Link.BizPortal, as well as the mobile banking app to transfer funds, pay bills, and balance inquiry services. PISO accounts may also be used on any automated teller machines (ATMs) operated by LandBank, BancNet, or 7-Eleven, and domestic point-of-sale (POS) terminals, as well as over-the-counter transactions in their local Landbank branch.

Sources: GMA News, Manila Times