LANDBANK PHOTO

THE PHILIPPINE DEPOSIT Insurance Corp. (PDIC) has partnered with the LANDBANK of the Philippines (LANDBANK) to implement the LANDBANK Bulk Credit System (LBCS).

“With LANDBANK’s support, PDIC can earn the continuing trust of the public, including closed bank creditors. This initiative not only strengthens our operational capabilities but also reinforces our shared commitment to public service and financial inclusion,” PDIC President and Chief Executive Officer Roberto B. Tan said in a statement.

To formalize the agreement, PDIC and the state-run lender signed a memorandum of agreement on July 21.

Under the agreement, creditors of closed banks under PDIC receivership will be able to use the LBCS as an additional settlement channel.

This gives creditors access to a web-based platform that processes high-volume electronic fund transfers in a single transaction instead of going through manual processes such as paper checks and cash handling.

The LBCS is linked to national payment systems such as PESONet and InstaPay and enables same-day or real-time crediting.

This marks the fourth claims settlement facility that LANDBANK has provided to the state deposit insurer after the Visa Debit Card facility introduced last year, the Link.BizPortal in 2023, and the issuance of manager’s checks in 2012. — Aaron Michael C. Sy