MANILA – State-owned Land Bank of the Philippines (Landbank) hiked the daily aggregate amount limit of fund transfers via InstaPay from PHP50,000 to PHP100,000.
In a statement on Sunday, Landbank said the higher fund transfer limit took effect on July 14.
The bank said clients can now transfer up to PHP50,000 per transaction via Instapay, and PHP100,000 in total per day.
“We continue to extend the limits of our digital banking solutions to meet the growing needs of our diverse client base. Landbank is driven to promote greater digital adoption to help accelerate financial inclusion in the country and build a cashless society,” said Landbank president and chief executive officer Lynette Ortiz.
The previous daily aggregate amount limit of PHP50,000 for bills payment facilitated through the bank’s iAccess feature has likewise been removed.
Landbank is also working on providing depositors the ability to set their own fund transfer and bills payment limits for added flexibility and convenience.
According to Landbank, the new fund transfer and bills payment policies apply to transactions facilitated via its retail digital banking channels, mobile banking app, and iAccess.
For the first five months of 2023, the two digital platforms have facilitated a combined 66.7 million transactions with value of PHP123.4 billion. (PNA)