About the bank
LandBank is a government financial company that offers financial solutions to Filipinos. Land Bank offers products and services that help its customers meet their financial, educational, commercial, and agricultural needs
On August 8, 1963, the Agricultural Land Reform Code established the Land Bank of the Philippines to fund the acquisition and distribution of agricultural estates by small landowners and the purchase of landholdings by agrarian lessees. In 1973, Presidential Decree 251 reinvigorated the Land Bank to include lending to farming, commercial, residential, home renovations, and other productive businesses. Land Bank of the Philippines has expanded into one of the biggest financial institutions as more products have been added, with 678 branches, 2,810 ATMs, and 58 lending centers.
Pros and cons
Financial institutions offer different products to customers. When choosing a bank to save with, it is crucial to learn more about their products, terms, and conditions and choose one that suits you. Here is a list of the benefits and drawbacks of banking with the Land Bank of the Philippines.
Pros
- It provides a wide range of products to the underserved areas, hence promoting economic growth and education.
- The bank uses its profit to expand government facilities such as schools and health centers.
- The digital system of banking enables customers to access services remotely.
Cons
- Some products are accessible to customers from a given geographical area, limiting outsiders.
- Some property comes with stringent conditions preventing owners from carrying out diverse, productive activities.
Products
Land Bank of the Philippines offers different products and services to its customers. They include the following:
Deposits
Land Bank offers some of the following accounts to its customers.
- Savings account. Land Bank offers savings accounts like the ATM savings account, easy savings plus (ESP), high yield savings account (HYSA), and regular passbook savings account.
- Current account. To open this account, you must also provide proof of identification or ownership. You can access current accounts like a current account with ATM access, peso EASY (Earning Access & Sure Yield) check, and peso EASY check with ATM access.
- Regular peso time deposit. The account is open to customers aged seven and above with valid identification. A depositor can get interest on deposits at a predetermined rate for 30-360 days. To activate your account, you must make a minimum deposit of ₱1000. Market rates set time deposit interest rates, but a 20% withholding tax is applied to the money earned.
- Dollar deposit account.These accounts are interest-bearing dollar savings accounts with a required monthly average daily balance (ADB) of $100. They include the easy dollar pension, US dollar time deposit, high yield US dollar time deposit, and US dollar savings account.
Loans
Customers can access the following loans from the Land Bank of the Philippines.
- Agricultural loans for farmers. These loans for framers include Sulong Saka, agricultural credit support project, agricultural and fishers financing program, agricultural competitiveness enhancement fund (ACEF, ARISE-ARBs, DA Sikat saka, PALAY ng lalawiga, EPAHP, SWINE lending, Young entrepreneurs from school to agriculture program, and RAPID growth credit facility.
- Agricultural loans for fishers. Fishers can access these credit facilities, agricultural credit support project, agricultural and fishers financing program, Pagsasakang pantubig, and financing program for commercial fishing vessel.
- Housing and mortgage loan program. Eligible borrowers can apply for an easy home loan, developer's end-buyers financing tie-up, and the Bahay para sa bagong bayani (3B).
- Business loans. These are funds made available to business owners or government organizations in credit programs like term loan facility,wWorking capital and liquidity support facilities, exporters production support facilities, farm tourism financing, OFW reintegration (OFW-RP), innovation and technology (I-TECH) lending, I-RESCUE LENDING, I-RESCUE BUS lending, SPEED PUV loan, PFI-ACCORD, lending program for former rebels, franchising lending, emerging FILIPINA lending, go green inclusive financing, BRIGHTNESS program, and OFW reintegration.
Services
- Cards. Land Bank provides its customers with ATM savings accounts, cash cards, credit cards, EMV-enabled Visa debit cards, e-Cards, RFID (radio frequency identification card), and prepaid cards.
- Treasury. Land Bank offers investment services to its customers from the government. They include government and corporate securities and Land Bank issues.
- Trust banking. Land Bank offers trust funding services, including unit investment trust funds, investment management accounts, personal fund management, institutional trust services, and personal equity and retirement account - unit investment trust fund (PERA-UITF).
