The Market Monitor Minding the Nation's Business
State-owned Land Bank of the Philippines (LandBank) started eliminating fees for all online fund transfers on July 7, allowing retail clients to send money for free through its Mobile Banking App (MBA) and iAccess via InstaPay and PESONet.
In a statement, LandBank said the zero-fee policy also covers clients of Overseas Filipino Bank (OFBank), enabling Filipinos abroad to transfer funds without incurring transaction charges.
The initiative supports President Ferdinand R. Marcos Jr.’s push to strengthen digital financial services and expand access to affordable, efficient, and accessible banking for all Filipinos.
“Every peso saved on transfer fees is a peso that Filipino families can spend on their daily needs and that businesses can reinvest in growth. LandBank once again is leading by example, and I hope all financial institutions will continue lowering or removing the cost of digital transactions for every Filipino,” said LandBank Chairperson and Finance Secretary Frederick Go.
LandBank said the move forms part of its broader effort to accelerate digital financial inclusion by making electronic banking services more affordable and convenient.
LandBank President and CEO Lynette Ortiz said the expanded zero-fee digital framework goes beyond government payment transactions to cover everyday retail fund transfers.
“By expanding our zero-fee digital framework from government payments to everyday retail transfers, we want to ensure that our banking services directly uplift our workers, small business owners, and overseas Filipinos,” Ortiz said.
She added that the bank remains committed to keeping its digital platforms secure, reliable, and accessible, enabling clients to manage their finances and send money to their families and businesses without the added burden of transfer fees.