OVER 3 million unbanked Filipinos have registered transaction accounts with Land Bank of the Philippines (LandBank) after signing up for the National Identification (ID) system. In a statement on Friday, LandBank announced that it had onboarded a total of 3.794 million unbanked National ID registrants for transaction accounts. Cardholders can cash in, cash out, and transfer funds using the cards at any LandBank branch or agent banking partner. LandBank said it enables government financial handouts and pensions to be credited directly into their accounts through cashless fund transfers by banking the unbanked. A total of 4.4 million cash cards were distributed to recipients of the DSWD's Conditional Cash Transfer Program, it added.

Source: Manila Times June 12, 2021 13:41 UTC