In a major bid to accelerate digital financial inclusion, the Land Bank of the Philippines (LandBank) announced it is slashing its person-to-person fund transfer fees to ₱8 for transactions made through its primary digital platforms, the LANDBANK Mobile Banking App and iAccess.
Alongside the rate reduction, the state-run lender is introducing a zero-fee incentive: one complimentary InstaPay transfer per day for transactions valued at ₱1,000 and below. Bank officials emphasized that the lower overhead costs aim to encourage more Filipinos to transition toward secure, convenient, and formal electronic channels.
“Reducing digital transaction costs is a crucial step in bringing more Filipinos into the formal financial system,” said LandBank Chair and Finance Secretary Frederick Go.
The aggressive pricing shift positions LandBank as one of the most competitive options in the local banking landscape. For comparison, retail giants Bank of the Philippine Islands (BPI) and BDO Unibank currently charge ₱10 for InstaPay transfers. Metrobank matches LandBank’s new rate at ₱8, while China Banking Corporation structures its fees between ₱5 and ₱10 depending on the platform.
Looking ahead, LandBank revealed plans to further expand its digital relief measures by rolling out free electronic transfers for person-to-government (P2G) payment services, targeting select government transactions to streamline public sector payments.