State-run Land Bank of the Philippines reaffirmed its continued support to the Department of Social Welfare and Development in ensuring the timely, safe and efficient disbursement of cash aid under the social protection programs of the government.
LandBank president and CEO Cecilia Borromeo met with Social Welfare and Development Secretary Erwin Tulfo on 22 September, to express the bank’s full commitment to programs and initiatives implemented for the country’s vulnerable sectors.
As the main distribution arm of the government’s social protection programs, LandBank facilitates the regular disbursement of financial assistance under the Conditional Cash Transfer and Unconditional Cash Transfer programs of the DSWD.
From January to August this year, LandBank released a total of P63.3 billion under the CCT program benefitted 4.4 million low-income families for their children’s education, basic health needs, and daily expenses.
3.2-M Filipinos benefited
A total of P11.5 billion was also delivered to 3.2 million UCT beneficiaries, as part of the government’s support interventions under the Tax Reform for Acceleration and Inclusion Law.
Amid the rising prices of fuel and goods, LandBank is also working closely with the DSWD in implementing the Targeted Cash Transfer program to support around 12.4 million vulnerable households belonging to the bottom 50 percent of Filipino households.
As of end-August 2022, the bank has disbursed a total of P8.3 billion in cash assistance to 8.3 million household beneficiaries under the TCT Program.
The bank also upgraded the beneficiaries’ cash cards into transaction accounts to provide beneficiaries with wider access to an array of banking services, including cash card loading via LandBank branches, fund transfers through its mobile banking app, and cash-in via LandBank Cash Deposit Machines.
The LandBank Prepaid Cards can also be used to withdraw from Automated Teller Machines and 7-Eleven ATMs free-of-charge, cash-out funds from agent banking partners and make cashless purchases in groceries, pharmacies, convenience stores, and other accepting merchants via Point-of-Sale terminals.