Land Bank to expand banking services in remotest provinces

LOS BAÑOS, Laguna -- The Land Bank of the Philippines (LBP) will expand the coverage of its banking services by setting up additional satellite centers and deployment of mobile tellers in remotest and depressed provinces nationwide.

In an interview with the Philippine News Agency, LBP First Vice President for Strategic Planning Elcid Pangilinan said the bank has approved in principle the opening of over 250 banking outlets in an effort to strengthen and improve the financial infusion for un-banked areas.

The bank has targeted to complete the project in the next five years aimed at improving the urgent need for financial infusion in areas not being reached by the LBP.

Pangilinan explained the deployment of mobile tellers was in line with bank’s objective of educating people, specifically the farmers and fisherfolk in far-flung provinces, to appreciate the value of the bank.

He noted that majority of those in the farm and fisheries sector have not been exposed or introduced in rightful way of depositing and withdrawing their hard-earned money.

Citing the Bangko Sentral ng Pilipinas report, Pangilinan said there are about 533 unbanked provinces and municipalities and "it is our aim to reach out to these places and serve the people."

Of the approved over 250 places deprived of the banking services, the LBP branches will be set up in the northern part of Luzon, Visayas in its eastern part, and in western part of Mindanao.

While he did not divulge the amount which the bank will infuse in the two projects, Pangilinan assured that it has sufficient money to carry out its commitment, noting that LBP has been named as top four in terms of assets and deposits.

Pangilinan was one of the official representatives to the two-day meet on Reducing Disaster Risks Towards a Resilient Agricultural Sector hosted by the Southeast Asian Regional Center for Graduate Studies (SEARCA) here from Aug. 29 to 30, 2019.