A total of 5.3 million Filipinos with no bank accounts have opened transaction accounts with Land Bank of the Philippines (LANDBANK) after registering with the Philippine Identification System (PhilSys) or National ID. As of September 2, 2021, the new registrants have already utilized the LANDBANK prepaid cards for various transactions amounting to P31.8 million.
In a news release, LANDBANK stated that unbanked PhilSys registrants may sign up for LANDBANK transaction accounts once they complete the PhilSys Step 2 registration, which covers validating supporting documents and capturing biometrics information.
They can use the LANDBANK prepaid cards to safely and conveniently manage funds, withdraw cash, perform cashless transactions, shop and pay bills online, and receive government subsidies digitally.
More details in the below.