The Market Monitor Minding the Nation's Business
State-run Land Bank of the Philippines reported a significant jump in digital banking usage in 2024, with transactions growing by 67 percent year-on-year.
From 97.08 million digital transactions recorded in 2023, the figure surged to 162.28 million last year. The total value of these transactions also saw a sharp increase, rising to P3.38 trillion, 38 percent higher than the P2.45 trillion posted the previous year.
LandBank attributed this robust performance to its intensified push for financial inclusion through digital innovation.
According to LandBank President and CEO Lynette Ortiz, the bank is focused on empowering a broader segment of Filipinos, including underserved sectors, through accessible and secure digital services.
“Digital banking is not just about convenience — it’s about inclusion. Through our digital banking channels, we are empowering every Filipino to take control of their finances. Our goal is to make safe, reliable, and convenient banking accessible to all, especially our farmers and fishers, business owners, OFWs (overseas Filipino workers), and government agencies,” Ortiz said.
The LandBank Mobile Banking App (MBA) played a key role in the expansion of digital activity, handling 106.82 million transactions in 2024, nearly double the previous year’s total of 55.2 million.
The app enables users to manage a wide array of services, including fund transfers, bill payments, and investments in government securities. In 2024, it also introduced a feature that allows clients to open digital accounts without needing to visit a physical branch.
Meanwhile, LandBank’s internet banking platform for institutional clients, weAccess, accounted for the largest share of transaction value. It processed P1.36 trillion worth of digital transactions last year, a 43 percent increase from P952.14 billion in 2023.
The bank continues to enhance its digital ecosystem, which includes platforms such as iAccess for retail banking, the Link.BizPortal payment gateway, the Electronic Modified Disbursement System (eMDS) for government transactions, and the Bulk Crediting System (LBCS) for electronic disbursements.