Land Bank of the Philippines (LandBank) has launched the “Perang Inimpok Savings Option,” or PISO, a basic deposit account (BDA) program to bring more unbanked and underserved Filipinos into the formal banking system.
According to LandBank, depositors would only need to present one valid ID or a barangay certificate for verification when creating an account through PISO. The minimum initial deposit is one peso, with a maximum account balance of Php 50,000.
The bank emphasized that the program is intended for individuals who do not already have a LandBank deposit account, specifically students, public utility vehicle drivers, vendors, farmers, fishermen, household helpers, and those who do not have access to banking and financing trainings and seminars.
“The LANDBANK PISO is another testament of our commitment to advance the National Government’s financial inclusion agenda,” LandBank president and CEO Cecilia Borromeo said in a statement.
Accountholders with PISO can use LandBank’s digital banking channels and mobile banking app to perform tasks like as fund transfer, bill payment, and balance inquiries.
They can also utilize the PISO account at any LandBank, BancNet, or 7-Eleven automated teller machine (ATM) for cash withdrawals, domestic point-of-sale terminals, and over-the-counter transactions in their own Landbank branch.
“We continue to develop accessible and convenient banking products relevant to the diverse needs of our customers, including the unbanked and underserved,” Borromeo added.
Individuals who are interested can visit the local LandBank branch in their area or use its locator at www.landbank.com/find-us.
Visit LandBank’s PISO webpage for additional details.