To expedite the disbursement of insurance claims, the Land Bank of the Philippines (LANDBANK) and the Philippine Deposit Insurance Corporation (PDIC) have partnered to provide LANDBANK accounts to Deposit Insurance Claimants (DICs) affected by bank closures.
LANDBANK and PDIC signed the Implementing Rules and Regulations (IRR) and Data Sharing Agreement on 23 November 2023 in Makati City for the issuance of LANDBANK VISA Debit Cards to deposit insurance claimants of closed bank depositors.
The partnership was formalized by LANDBANK President and CEO Lynette V. Ortiz and PDIC President Roberto B. Tan, with LANDBANK Executive Vice President Liduvino S. Geron and PDIC Vice President Adalzon P. Banogon as witnesses.
“LANDBANK is one with PDIC in ensuring the swift disbursement of insurance claims. It is our privilege to complement your programs through our innovative banking solutions for the benefit of depositors,” said LANDBANK President Ortiz.
DICs can use the VISA Debit Cards at LANDBANK’s extensive network of 606 branches and branch-lite units across all 82 provinces of the country, ensuring access in even the most remote areas and communities nationwide.
The LANDBANK VISA Debit Cards can also be used at 2,984 LANDBANK ATMs nationwide. DICS can also perform cash withdrawal and balance inquiry for free from 2,807 7-Eleven ATMs in Metro Manila and other major provinces in the country.
“We extend our heartfelt gratitude to LANDBANK for embarking on this journey with us, being PDIC’s unwavering ally in providing depositor protection to our countrymen,” said PDIC President Tan.
DICS can open a LANDBANK account through the Digital Onboarding System (DOBS), enabling clients to initiate the process online before visiting the branch to finish the account opening in as fast as 15 minutes.
Clients also get access to LANDBANK’s digital banking products and services, including the Mobile Banking App, for more efficient and convenient management of finances.
The collaboration between LANDBANK and PDIC is geared towards the protection of depositors and enhancement of public service delivery through the use of digital banking solutions.
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