State-run Land Bank of the Philippines said it remains aggressive in expanding its network to serve more clients especially in the rural areas as part of its continuing effort to promote greater financial inclusion.
In a statement on Monday, the bank said it will open 10 branches and extension offices (EOs) this year, with two already opened in San Nicolas, Ilocos Norte and Caticlan, Aklan in March, bringing its total number of branches and EOs to 372.
The next two branches to be opened will be in Binalonan, Pangasinan and San Ildefonso,Bulacan. LandBank will also open branches in Lopez, Quezon; Silang, Cavite; Balamban, Cebu; Koronadal and Tupi in South Cotabato; and Tubigon, Bohol.
The state-owned lender also expects to finish the year with 380 branches and EOs nationwide.
LandBank is the only bank present in all of the country’s provinces, including underserved regions like the Autonomous Region in Muslim Mindanao.
“This is in keeping with our thrust to better serve LandBank’s growing clientele and further expand our reach, especially in unbanked sectors in underserved areas,” president and chief executive officer Alex Buenaventura said.
The bank also said it launched this month the LandBank Inclusive Banking Center (LIBC) in support of the government’s drive towards inclusive banking and more efficient service.
The first LIBC was set up at the Land Transportation Franchising and Regulatory Board (LTFRB) main office in Quezon City. This will help LTFRB streamline its processes for the convenience of its payor-clients, it noted.
The LIBC is an interconnected and inter-operable facility with a point-of-sale (POS) terminal linked to the agency’s cashiering system, cash deposit machine (CDM), ATM, and pre-generated ATM cards for client-payors without ATM cards so they can make payments at POS.
LandBank is also targetting to establish LIBCs in key cities and municipalities across the country to promote inclusive banking and ease in paying government and other transactions.
Meanwhile, it is also looking to install 25 additional CDMs in its different branches this year to add to the 87 existing CDMs. The CDMs are lobby-type machines capable of accepting card-based and card-less cash deposit.
Finally, LandBank said it is also increasing its ATM network to 1,784 by yearend from 1,646 as of April.
The bank attained a net income of P13.6 billion in 2016, up by two percent from P13.3 billion in 2015.