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(Photo courtesy of PhilSys Pangasinan)
THE CITY OF DAVAO – The opening of a Land Bank of the Philippines (LandBank) account can be done online by persons registered with the Philippine Identification System (PhilSys).
No initial deposit will be required, the Philippine Statistics Authority (PSA) said.
Opening an account is voluntary, but PhilSys encourages registrants to do so in order to access government financial assistance.
“PhiSys registrants can download LANDBANKPay, a mobile wallet app, to be able to get a LandBank virtual transaction account,†LandBank said in its November 20 article.
The virtual account can be used for bill payment, cashout / withdrawal, funds transfer, online purchase and linking of LandBank Mastercard prepaid and credit cards.
“Obtaining a LandBank transaction account is part of PhilSys’ objective for financial inclusion to accelerate the distribution by local government units of financial assistance in the event of calamities and emergencies.” , said the PSA.
In addition to the virtual means, people registered with PhilSys can apply directly at the LandBank kiosks located in the registration centers by presenting a valid identity document and the transaction slip from step 2.
Enacted by President Rodrigo R. Duterte in August 2018, Republic Act 11055, or the Philippines Identification System Act, aims to establish a single national identity card for all Filipinos and resident aliens.
The national identity card will be a valid identity document which will be a means of simplifying public and private transactions, enrollment in schools and opening bank accounts.
It also aims to increase efficiency, especially in dealing with government departments where people will only need to show one piece of ID when making transactions. (ANP)
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