DAVAO CITY – Opening a Land Bank of the Philippines (LandBank) account may be done online by Philippine Identification System (PhilSys) registrants.
No initial deposit will be required, the Philippine Statistics Authority (PSA) said.
Opening an account is voluntary but the PhilSys encourages registrants to do so to gain access to financial assistance from the government.
“The PhiSys registrants can download the LANDBANKPay, a mobile wallet app, to be able to get a LandBank virtual transaction account,” LandBank said in its November 20 post.
The virtual account can be used for bills payment, cash in/out, fund transfer, online purchase, and linking of LandBank Mastercard prepaid and credit cards.
“Getting a LandBank transaction account is part of the goal of PhilSys for financial inclusion to speed up the distribution by local government units of financial assistance in times of calamities and emergency situations,” the PSA said.
Aside from the virtual means, PhilSys registrants may directly apply at LandBank kiosks located at registration centers by presenting a valid ID and the Step 2 transaction slip.
Signed into law by President Rodrigo R. Duterte in August 2018, Republic Act 11055, or the Philippine Identification System Act, aims to establish a single national ID for all Filipinos and resident aliens.
The national ID shall be a valid proof of identity that shall be a means of simplifying public and private transactions, enrollment in schools, and the opening of bank accounts.
It also seeks to boost efficiency, especially in dealing with government services where people will only need to present one ID during transactions. (PNA)