Through the caravans, LandBank gathers farmers, small businesses and cooperatives to discuss its loan and savings products and digital services.
State-owned Land Bank of the Philippines (LandBank) plans to conduct 10 more Bilis Ipon: Digital Financial Inclusion caravans in Visayas and Mindanao in the next several months.
LandBank president and chief executive officer Lynette Ortiz told the Daily Tribune on Friday at the bank’s 15th Financial Inclusion Caravan in Tagaytay City, Cavite.
Through the caravans, LandBank gathers farmers, small businesses and cooperatives to discuss its loan and savings products and digital services.
“ LandBank continues to empower and serve partner communities with our innovative financial solutions to elevate their financial journey,” Ortiz said.
Ortiz emphasized the caravans should help LandBank increase its partnered small businesses, rural banks and cooperatives under its LandBankasama Program to reach more agricultural workers and expand their production.
Through these partners, LANDBANK can further promote the PISO Plus savings account, for example, which has no minimum amount for initial deposit and maintaining balance, and is available on LANDBANK mobile app
“That’s the only way we can extend our services. It cuts both ways so we reach out and we have a good business model where they are able to earn because it is a partnership after all,” Ortiz said.
She shared that there are now 1,800 LandBankasama partners, of which 30 percent are sari-sari store owners.
Less than 700 branches
In contrast, the 60-year-old LandBank only has less than 700 branches.
During the caravan on Friday, LandBank also officially announced the onboarding of Lou Edward Sari-Sari Store as a new LandBankasama partner.
Lou Edward Laco, owner of the sari-sari store in Lipa City in Batangas, said the LandBank partnership can help provide various LANDBANK’s financial services to his 100 customers and more residents in two barangays in the rural area.
“We need to be in step with the times. We have invested in digital platforms but not enough people know about all the things we offer,” Ortiz said.
“That’s why our efforts right now are more proactive and aggressive. It’s not easy and it’s a building-block approach,” she added.
https://tribune.net.ph/2024/05/04/state-bank-expands-financial-inclusion-bid