The Philippines Deposit Insurance Corporation (PDIC) has partnered with Landbank in the Philippines to implement the Landbank bulk credit system (LBCS).
PDICs can win ongoing trust from the public, including closed bank creditors. This initiative not only enhances our operations capabilities, but also strengthens our shared commitment to public service and financial inclusion,” said Roberto B. Tan, president and CEO of PDIC.
To formalize the agreement, PDIC and state-owned lenders signed a memorandum of agreement on July 21.
Under the agreement, creditors of closed banks receiving the company under PDIC will be able to use LBC as an additional settlement channel.
This gives creditors access to a web-based platform that can handle large-capacity electronic fund transfers in a single transaction rather than through manual processes such as paper checks and cash processing.
LBC is linked to national payment systems such as Pesonet and Instapay and enables same-day or real-time credit.
This marks the fourth claim settlement facility that Landbank has provided to the National Deposit Insurance Company after the release of Manager Checks in 2023 and 2012 by Landbank. – Aaron Michael C.
