Check Image Clearing System
Can the check depositor still get the original check in case it is dishonored?
Yes, the original copy of the dishonored check shall be returned to the depositor with the reason for return stamped on it.
Can the depositor still re-clear a dishonored check?
The depositor of the dishonored check may re-clear it but there are some cases where the returned check can no longer be re-cleared, like when the check is dishonored for having been drawn against a “closed account.”
What are the benefits of implementing CICS?
- Faster availability of funds to payees/beneficiaries
- Faster feedback, allowing you to know whether the check is funded or not by the next business day
- Improved security in deterring fraud and against loss or tampering of checks in transit
- Wider checks presentment window within the business day as deposit cut-off may be extended
- Faster turnaround time on service requests
What are the major changes that come with the shift to CICS?
- With the implementation of the CICS, checks will have the following features as prescribed by the PCHC
- Standardized length of 8 inches for both Corporate/Government and Private/Individual checks
- A waiver that states“I/We allow the electronic clearing of this check and hereby waive the presentation for payment of this original to (Drawee Bank)”
- Embedded mandatory security features
- Checks with old features will only be accepted untilJUNE 30, 2017, except for post-dated checks warehoused by the presenting banks until December 31, 2016.
- Any check with missing information or alteration will no longer be eligible or acceptable for clearing, even if countersigned
- The use of a check writer to affix the amount in the “amount in figures” line is no longer allowed unless the amount in words is written below it.
What is this Check Image Clearing System?
Check Image Clearing Systems (CICS) is the new automated clearing system operated by the Philippine Clearing House Corporation (PCHC), where information on the check and its image are digitally captured by the Bank receiving the check deposit and presented electronically to the paying Bank. This eliminates the need to physically transport paper checks for clearing.
What will happen to paid/honored checks?
Paid/honored checks will no longer be given back to the drawer/issuer and will just be kept by the presenting/collecting bank for a period of six (6) months. The drawer/issuer will be provided with the image reproduction of the paid/honored check in their monthly statement of account.
Why are we shifting to CICS?
Shifting to CICS is the initiative of the Banking Industry and PCHC with support from BSP. It is primarily aimed at providing better service to the banking public.
This specifically aims to make the check clearing process faster, more efficient and secured. Its primary objective is to shorten the clearing cycle, making funds available the next banking day instead of the traditional 3 to 5 days.
US Dollar and Third Currency Fees and Charges
US Dollar Savings Account Transactions
Transaction | Fee |
Inter-Branch Deposit | $5.00 per transaction |
Inter-Branch Withdrawal | $5.00 per transaction |
| Withdrawal prior to expiry of holding period(Minimum holding period of ten (10) banking days from date of deposit) | ¼ of 1% of the amount withdrawn |
Account Failing below minimum ADB* • Coverage - Accounts falling below ADB requirement for two (2) consecutive month-end and every month-end thereafter | USD 5.00 |
Closing of account within one month from opening date | USD 10.00 |
Dormant Account
| USD 0.50 |
No. of withdrawals in a month & charges | No limit, No charge |
| Passbook Replacement (lost or damaged) | P200.00 |
(as of August 2022)
Inward GSRT
Bank Commission | Fee |
FCDU | $5 |
Regular | $5 plus DST P0.60/P200 of the applied amount |
Outward Remittance
I. For Foreign currency
I.1 To Foreign Bank via OTT6
I.1.1 US Dollar
| USD Transaction | Commission | Cable | |
FCDU | Beneficiary - USD15.00 Our - USD 20.00 | USD 10.00 | |
| Regular | Beneficiary - USD15.00 plus DST1 PHP0.60 for every PHP200.00 of the applied amount Our - USD20.00 plus DST1 PHP0.60 for every PHP200.00 of the applied amount | PHP500.00 |
I.1.2 Third Currency
| Transaction | Commission | Cable |
FCDU | Beneficiary - USD15.00 Our - USD 15.00 | USD 10.00 |
| Regular | Beneficiary - USD15.00 plus DST1 PHP0.60 for every PHP200.00 of the applied amount Our- USD15.00 plus DST1 PHP0.60 for every PHP200.00 of the applied amount | PHP500.00 |
| Plus correspondent Bank Charges | Currency | Amount |
| For both FCDU OUR and Regular OUR | Euro | EUR 45.00 |
| Great Britain Pound | GBP 13.00 | |
| Japanese Yen | JPY 5,500 | |
| Australian Dollar | AUD 24.00 | |
| Singapore Dollar | SGD 30.00 | |
| Swiss Franc | CHF 24.00 | |
| Canadian Dollar | USD 10.00 | |
| Other Currencies | USD 30.00 |
I.2 To Local Bank via GSRT2
| Transaction | Fees/Charges |
| FCDU | USD15.00 |
| Regular | USD15.00 plus DST PHP0.60 for every PHP200 of the applied amount |
II. Peso Currency to local bank
| Type of Channel | Fees/Charges |
| RTGS4 | PHP150.00 plus Ad Valorem |
| MATRIX FOR AD VALOREM | |
| Transaction value | Fee per Transaction |
| 1.00-100.00 | Free of charge |
| 101.00-500,000.00 | PHP5.00 |
| 500,001.00-1,000,000 | PHP10.00 |
| 1,000,001.00-39,999,999.99 | Ad Valorem Fee =Transaction Value x0.00001 (round off to the nearest Peso) |
| 40,000,000.00 and above | PHP400.00 |
1DST-Documentary Stamp Tax
2GSRT-Gross Settlment Real-Time Channel for Dollar Denominated transactions
3PDDTS-Philippine Dollar Domestic Transfer System
4RTGS - Real-time Gross Settlment Real-Time Channel for Peso Denominated transactions
5PesoNet - Peso denominated transactions (electronic fund transfer service)
6OTT - Outgoing Telegraphic Transfer
(As of January 2022)
Inward Remittance
1. For Foreign currency
1.1 From Foreign Bank
Type of Settlement | Fees/Charges |
For credit to a LANDBANK US Dollar Account | USD5.00 |
| For credit to a LANDBANK Peso Account* | P50.00 plus DST1/ PHP0.60 for every PHP200.00 of the applied amount *Additional PHP150.00 bank commission for every Easy-$ -Pension Account |
For credit to other local bank USD-GSRT2 | USD15.00 |
USD-PDDTS3 | USD5.00 |
PHP-RTGS4 | PHP150 plusDST1/ PHP0.60 for every PHP200.00 of the applied amount plus Ad Valorem |
| PHP-PesoNet5 | PHP120.00 plus DST1/ PHP0.60 for every PHP200.00 of the applied amount |
I.2 From Foreign Bank
Type of Settlement | Fees/Charges |
For credit to a LANDBANK US Dollar Account | USD5.00 |
| For credit to a LANDBANK Peso Account | P100.00 plus DST1/P0.60 for every P200 of the applied amount |
II. For Peso Currency
Type of Settlement | Fees/Charges |
PesoNet5/ | None |
| RTGS4/ | P150.00 |
| MATRIX FOR AD VALOREM | |
| Transaction value | Fee per Transaction |
| 1.00-100.00 | Free of charge |
| 101.00-500,000.00 | PHP5.00 |
| 500,001.00-1,000,000 | PHP10.00 |
| 1,000,001.00-39,999,999.99 | Ad Valorem Fee =Transaction Value x0.00001 (round off to the nearest Peso) |
| 40,000,000.00 and above | PHP400.00 |
From: Remittance Tie Ups/Partners
Charges vary depending on the contract agreement with each tie up/partner
Note: Fees and charges may change without prior notice.
1DST-Documentary Stamp Tax
2GSRT-Gross Settlment Real-Time Channel for Dollar Denominated transactions
3PDDTS-Philippine Dollar Domestic Transfer System
4RTGS - Real-time Gross Settlment Real-Time Channel for Peso Denominated transactions
5PesoNet - Peso denominated transactions (electronic fund transfer service)
6OTT - Outgoing Telegraphic Transfer
(As of August 2022)
Foreign Check for Clearing
| Transaction | Fees/Charges | |
| FCDU | Regular | |
| USD 5.00 | USD 5.00 plus DST1/ P3.00 per check |
| USD 5.00 | USD 5.00 plus DST1/ P3.00 per check |
| Charge on Returned Check | USD 20.00 per check | USD 20.00 per check |
| Returned Check Advice | USD 1.00 | USD 1.00 |
1/DST - Documentrary Stamp Tax
(As of January 2022)
US Dollar Demand Draft
Transaction | Fee |
FCDU | $10.00 |
Regular | $10.00 plus DST1/ P0.60 for every P200 of the applied amount |
1/DST - Documentrary Stamp Tax
(As of August 2022)
EURO and Other Third Currency Demand Draft
Transaction | Fee | |
Euro | ||
FCDU | €25.00 | |
Regular | €25.00 plus DST1/ P0.60 for every P200 of the applied amount | |
Other Third Currency | ||
FCDU | $15.00 | |
Regular | $15.00 plus DST1/ P0.60 for every P200 of the applied amount | |
(As of August 2022)
US Dollar Outgoing Telegraphic Transfer (OTT)
Transaction | Commission | Cable |
FCDUBeneficiary Our | $15.00 $20.00 | $10.00 $10.00 |
RegularBeneficiary Our | $15.00 $20.00 | P500.00 P500.00 |
Plus DST P0.60/P200 of the applied amount | ||
Third Currency OTT
Transaction | Commission | Cable |
FCDUBeneficiary Our | $15.00 $15.00 | $10.00 $10.00 |
Regular Beneficiary Our | $15.00 $15.00 | P500.00 P500.00 |
Plus DSTP0.60/P200 of the applied amount | ||
Plus Corr Bank Chargesfor Both FCDU & Regular – OUR | Currency | Amount |
EUR GBP JPY AUD SGD CHF Other Currencies | 45.00 13.00 5,500.00 24.00 30.00 24.00 US$30.00 |
LANDBANK Debit Card
What is the LANDBANK Visa Debit Card?
The LANDBANK Visa Debit card is the new and innovative product by LANDBANK which allows you to purchase from over 30 Million Visa merchants withdraw from 1.9 million ATMs worldwide. The LANDBANK Visa Debit card replaced the LANDBANK ATM card which could only allow Philippine withdrawals and has no swiping facility.
Where can I avail of the LANDBANK Visa Debit Card?
Just open a savings or checking account at any LANDBANK branch and you can instantly get your LANDBANK Visa Debit card on the spot! For your convenience, LANDBANK can process and issue your card at the branch, which means no waiting or returning to the branch to get your card.
Where can I use the LANDBANK VISA Debit Card?
Like a credit card, you can now use your LANDBANK Visa Debit card in any merchant which accepts Visa. Apart from local merchants such as SM, Rustan’s, Mercury Drug, Petron, Robinson’s Supermarket, Starbucks and the like, you can use your LANDBANK Visa debit card in over 30 Million Visa accredited stores worldwide. Think of international brands such as Nike, Apple, Samsung, Shell, LV and you are sure that these stores will accept your LANDBANK Visa Debit Card.
Aside from using your Debit card to swipe, you can also use it to purchase goods online! Just like a credit card, one can just input the card details as asked on the online store such as iTunes, and the purchase will be completed in a matter of seconds. So from now on, you can use your Debit card to purchase airline tickets such as Cebu Pacific or PAL and any international airline. You can also buy songs from iTunes or book at hotels from Agoda or buy cinema tickets from SM!
What are the benefits of using the LANDBANK Visa Debit Card?
The basic benefits areconvenience, accessandsecurity. With your LANDBANK Visa Debit card, you can don’t have to bring cash which may be stolen from you. You can simply swipe to purchase and off you go! Previously, your ATM card could not purchase online but today you have access to millions of online stores worldwide. Also, you can now withdraw from millions of ATMs around the world.
What limits and fees apply?
These are the limits for the following transactions:
| Type of Transaction | Maximum Limit Per Card Per Day | Purpose |
| Daily LANDBANK Visa Debit Purchase | P30,000 | In-store, online, phone, mail, and overseas purchases |
| Daily Cash Withdrawal | P30,000 | ATM cash withdrawals here and overseas |
Withdrawal and balance inquiry from LANDBANK ATMs isfreebut some fees and charges apply for the following transactions:
| Annual Card Fee | N/A |
| Card Renewal Fee | Free |
| Lost/Stolen/Damages Card Replacement Fee | P150 |
| ATM International Balance Inquiry | P50 |
| ATM International Cash Withdrawal | P150 |
*Applicable fees may be charged for all International/Cross Border Transactions
People's Freedom of Information Program
What is Freedom of Information or FOI?
The Freedom of Information (FOI) Program is the Government’s response to the call for transparency and full public disclosure of information. FOI is a government mechanism, which allows Filipino citizens to request any information about government transactions and operations, provided that it shall not put into jeopardy privacy and matters of national security.
The FOI mechanism for the Executive Branch is enabled via Malacañang Executive Order (EO) No. 2, series of 2016 that LANDBANK has adopted under EO No. 126, s. 2016 orPeople's Freedom of Information (PFOI) Manual. The said manual was revised on January 28, 2022 or LBP People's Freedom of Information (PFOI) Manual EO-006, S. 2022.
Who can make an FOI request?
Any Filipino citizen can make an FOI Request.
What information can I ask for through FOI?
InformationRequests can be made for information, official records, and public records, pertaining to government official acts, transactions, or decisions required by law, executive orders, rules or regulations to be entered, kept and made publicly available by the Bank.
Can I ask information relating to my account/s or of other clients of the Bank?
No. FOI requests only cover public information or records.
As a financial institution, LANDBANK is governed by applicable laws and regulations to protect client information. Thus, we do not disclose any information without consent and proper authorization.
All requested information shall be made publicly available once granted in order to cater similar or duplicate requests.
Should you want to request for information about your LANDBANK account, you may direct your request via thislinkor contact our Customer Care Center thru the following:
• 24/7 Hotline : (02) 405-7000 / 1-800-10-405-7000 (PLDT – Domestic Toll Free)
• eMail: customercare@mail.landbank.com
Where do I find public information or records about LANDBANK?
As part of our commitment to transparency and good governance, LANDBANK regularly post information in its website. Please visit thislink.
What if I don’t find the information I need in the transparency seal, how do I make an FOI request?
a) You may download theLANDBANK FOI Request Form
c) Accomplish the form and attach valid Identification
b) Submit it to the following:
- Any LANDBANK Branch or Office Nationwide
- eMail: customercare@mail.landbank.com
How long will it take before I get a response?
The standard processing time is fifteen (15) working days.
Can an Agency extend the processing time?
Yes. In some instances, we may need more time to review your request and thereby extend the processing time. Under such circ*mstances, we will inform you of an extension, which shall not be longer than twenty (20) working days.
How much does it cost to make an FOI request?
There are no fees to make a request. But a reasonable fee maybe imposed for necessary costs, including costs of printing, delivery, reproduction and/or photocopying.
LANDBANK_PFOIRequestForm.doc
Peso Fees and Charges
Regular Transactions
Type of Service/Transaction | Charges/Fees |
Over-the-Counter (OTC) Inter-branch Deposit/Withdrawal/Check Encashment (for inter-regional transactions only)
| P 50.00 |
Inter-branch Check Encashment
| P 50.00 P100.00 |
Inter-branch DM/CM (for inter-regional transactions only)
| P 50.00 P100.00 |
Account falling below minimum Average Daily Balance (ADB) Savings and Demand Deposit Accounts
| P 200.00 /month |
Closing of Account
| P 300.00 |
Stop Payment Order (SPO) per request | P 100.00 /check |
Returned Check
| P 2,000.00/ check P 200.00 /dayfor every P40,000 amount of check or a fraction thereof |
Dormant Account Savings Deposit Account
Demand Deposit Account •Coverage - Accounts with no depositor -initiated financial transaction for one (1) year and falling below the required ADB •Collection- Monthly to start at the 5thyear, reckoned from the date of financial transaction. | P 30.00 /month P 30.00 /month |
Easy Savings Plus (ESP) Account
| P 100.00 /withdrawal |
Electronic Money Transfer (EMT)
| PHP100.00 PHP100.00 + 1/8 of 1% in excess of PHP20,000 |
Printing and Reprinting of Bank Statements/Transaction History
| P 20.00 /page P 20.00 /page |
| Bank Certification on Deposit Balances (for all kinds of bank deposit certification except those covered in MOA/MOU) | P 200.00/ certification |
Bank Guarantee Against Deposit (BGAD) | P 400.00 |
| Passbook Replacement (lost or damaged) | P 200.00 |
(as of August 2022)
Digital Banking Transactions
| Transaction/Services | LANDBANK Visa Debit Card (LVDC) / GSIS UMID | Proprietary (includes Sikat Saka, Bagong Bayani) | RFID | E-Card | LANDBANK Prepaid Card (LPC) - Cash Card | LANDBANK Prepaid Card (LPC) (GPR, Gift Card, Travel Card) |
| LANDBANK Card Transactions via ATM | ||||||
| Interbank Withdrawal | Subject to fees set by other banks | PHP10.00 | ||||
| Interbank Balance Inquiry | PHP1.00 | |||||
Fund Transfer via LANDBANK ATM LANDBANK to LANDBANK | PHP10.00 | PHP10.00 | PHP10.00 | PHP10.00 | PHP10.00 | N/A |
| LANDBANK to Other Banks | PHP25.00 | PHP25.00 | PHP25.00 | PHP25.00 | PHP25.00 | N/A |
Fund Transfer via Other Banks’ ATMs LANDBANK to LANDBANK | PHP25.00 | PHP25.00 | PHP25.00 | PHP25.00 | PHP25.00 | N/A |
LANDBANK to Other Bank | PHP25.00 | PHP25.00 | PHP25.00 | PHP25.00 | PHP25.00 | N/A |
Bills Payment | Free | Free | Free | Free | Free | N/A |
International Cash Withdrawal | PHP150.00 | N/A | N/A | N/A | N/A | Travel Card - $3.00 Others - PHP150.00 |
International Balance Inquiry | PHP50.00 | N/A | N/A | N/A | N/A | Travel Card - $1.00 Others - PHP50.00 |
| Other Fees | ||||||
| Inactivity Fee | N/A | N/A | N/A | N/A | N/A | Travel Card - PHP150.00 (per wallet, per month) Others - PHP25.00 |
Card Replacement Fee | Regular - PHP150.00 GSIS UMID -PHP300.00 | PHP110.00 | PHP300.00 | PHP250.00 | **PHP150.00 | PHP150.00 |
| Request for PIN Mailer | PHP50.00 | PHP50.00 | PHP50.00 | PHP50.00 | PHP50.00 | PHP50.00 |
| Request for PIN Resetting | Free | Free | Free | Free | Free | Free |
| ONLINE BANKING (FUND TRANSFER) | ||||||
| InstaPay | PHP25.00 | PHP25.00 | PHP25.00 | PHP25.00 | N/A | N/A |
| PesoNet | PHP15.00 | PHP15.00 | PHP15.00 | PHP15.00 | N/A | N/A |
| Transactions via LANDBANK ATM | LANDBANK | Internationally-issued Cards | Other Bank’s card | |||
| ***ATM Withdrawal | Free | PHP250.00 | PHP16.00 | |||
| Balance Inquiry | Free | Free | PHP2.00 | |||
*Applicable fees are subject to change without prior notice.
** Replacement fee for cash card issued under special projects (i.e. grants, subsidies) shall be based on the approvedproject guidelines.
*** Includes cardless withdrawal for LANDBANK cards and cash advance transactions for credit cards
(as of August 2022)
Checks
Type of Checkbook | Price/Fee |
Personal Checkbook(Booklet of 50 pcs.) | PHP300.00 |
Commercial Checkbook(Booklet of 100 pcs.) | PHP600.00 |
MDS Checkbook(Booklet of 100 pcs.) | PHP800.00 |
Manager’s Check | PHP50.00 |
Gift Check | PHP55.00 |
Continuous Form Check / Other Customized Checks | To be based on the approved arrangements and design per Memorandum of Agreement |
(as of August 2022)
Safe Deposit Box (SDB)
Size | Rental Fee |
a) 5” x 5” x 24” | ₱1,000/year |
b) 3” x 10” x 24” | ₱1,200/year |
c) 5” x 10” x 24” | ₱1,400/year |
d) 10” x 10” x 24” | ₱1,800/year |
e) Any other size not specified | For BBS Head Approval |
Conditions on the use of SDB:
1. To avail of SDB, depositor must have account/s with total ADB of at least PHP200,000
2. Rental Fee is waived if ADB is at least PHP1.0M at any time
3. Deposit for the key is PHP2,000 regardless of size of SDB
4. SDB contract is valid for two (2) years
(as of August 2022)
Request for Video (CCTV) Footage
| Requesting Party | ADB of Deposits | Service Charge | |
| For VIEWING | For RELEASING | ||
| LANDBANK Clients/Depositors | ≤PHP500,000.00 | PHP500.00 | PHP1,000.00 |
| >PHP500,000.00 | Waived | Waived | |
| Non-LANDBANK Clients/Depositors | - | PHP1,500.00 | PHP1,500.00 |
(as of August 2022)
LANDBANK Phone Access (LPA)
| Service | Fee |
| Fund Transfer | PHP25.00/transaction |
(as of August 2022)
Check Warehousing Facility
Transaction | Price/Fee |
| Acceptance of Post-Dated Check (PDC) | PHP10.00 |
| Pull-out by depositor | PHP100.00 |
| Resetting of Credit Date | PHP100.00 |
(as of August 2022)
LANDBANK ATM Card
What should I do in case that my LANDBANK ATM Card was lost or stolen?
To report a Lost/Stolen card you may:
a. Visit your depository branch and submit a notarized affidavit of loss
b. Access your eBanking Account*
- Land Bank Phone Access
- Dial 405-7000
- Press 2 - For More Land Bank Phone Access Services
- Key in your ten-digit bank account number and four-digit telephone access number
- Press 2 - Report a Lost/Stolen Card
- Press 1 – To Continue
- IAccess (Retail Internet Facility
- Log in to your account via https://www.lbpiaccess.com.
- Under Features click on “Report of Lost/Stolen ATM Card”
- Select Account Number
- Click “Next”
- Confirmation/Card successfully tagged.
*If you are not yet enrolled in these facilities, please visit your depository branch.
c. Call our 24x7 Customer Care Center at 405-7000 (NCR) or PLDT Toll Free 180010-405-7000 and press 0 talk to a Phonebanker
What are the requirements for LANDBANK ATM Card replacement?
Kindly visit your depository branch to request card replacement.
Please note of the following requirements:
- Notarized Affidavit of Lost
- Valid IDs
When is the expiration of my LANDBANK Cash Card?
Cash Card has a validity of 3 years subject to reactivation.
How can I apply for a Cash Card?
Cash Card is for institutional (corporate) accounts only. It is not a deposit account. It is only use for corporate credits like employee benefits, loans, pensions, payroll credits, commissions of agents/sales personnel. Reimbursem*nts, allowances, bonuses. Fund Remittances, Employees Identification Card, Collection Mode for Merchants.
How can I reactivate my LANDBANK Cash Card?
Kindly visit your servicing Land Bank branch for card reactivation.
Please bring with you your Cash Card and Valid IDs
Card Reactivation Fee: P50.00
How will I know my Joint account Indicator (JAI)?
JAI means Joint Account Indicator - "0" for single/individual account, "1" or "2" for joint account.
LANDBANK Credit Card
What should I do if I did not receive my monthly billing statement?
You may call our LANDBANK Phone Access hotline number (02) 405-7000, or PLDT domestic toll-free number 1-800-10-7000 to report non-receipt of your Billing Statement and also to get your latest statement balance.
You may also request for a copy of your Billing Statement through email atccad@mail.landbank
Where can I request my monthly billing statement?
You may call our LANDBANK Phone Access hotline number (02) 405-7000, or PLDT domestic toll-free number 1-800-10-7000 to get your latest statement balance.
You may also request for a copy of your Billing Statement through email atccad@mail.landbank.com.
How can I check my account balance?
You may call our LANDBANK Phone Access hotline number (02) 405-7000, or PLDT domestic toll-free number 1-800-10-7000 to get your latest statement balance and current outstanding balance.
You may also send an email request throughccad@mail.landbank.com.
How can I find the status of my credit card application?
You may call our customer service number (02) 405-7275, 405-7281, 405-7282, Mondays to Fridays from 8am to 5pm to know the status of your application.
You may also send an email request throughccad@mail.landbank.com.
How can I activate my LANDBANK Credit Card?
Activate your LANDBANK Credit Card via theLANDBANK Mobile Banking App!
Log in using your iAccess ID and password and go toMore menu > Manage my Accounts > Activate Credit Card.
For further assistance, you maycall our Customer Care Hotline numbers 8-405-7000 (Metro Manila) • 1800-10-405-7000 (PLDT Toll Free Number) • Smart, Sun and Talk n Text (Flat rate of Php 8.00/call): 1 800-10-405-7000
Where can I pay my LANDBANK Credit Card?
may be settled in any LANDBANK or Banco De Oro (BDO) branches nationwide.
Dollar billingsmay be settled in any LANDBANK branches nationwide. Payments may be made in dollar notes or its peso equivalent.
BDO may also accept payments for dollar billings provided payments are made in dollar notes only.
The following are the other payment facilities of LANDBANK Credit Card (for Peso account only):
1.Phone Access - a banking facility which provides clients the convenience of making selected off-site bank transactions thru phone.
2.LANDBANK I-Access– is an internet banking facility which provides clients the convenience of making selected off-site bank transactions such as Account Inquiry, Fund Transfer, and Bills Payment, thru the internet. For more information, please visithttp://www.lbpiaccess.com.
3.ATM Bills Payment– is a payment facility thru LANDBANK ATMs nationwide.
4.Auto Debit Arrangement (ADA)- is an automatic debit from your LANDBANK savings/ current deposit account to be credited to your LANDBANK Mastercardcredit card on your payment due date.
Cardholder may enroll in this arrangement by submitting a duly filled-out ADA form available at LANDBANK Credit Card and in all LANDBANK branches nationwide.
Where can I report my lost/stolen LANDBANK Credit Card?
To report a lost or stolen LANDBANK credit card, please call our customer service number (02) 8405-7275,8405-7281, 8405-7282, Mondays to Fridays from 8am to 5pm, or the 24-hour BDO lost card hotline number (02) 840-7499 or domestic toll free number 1-800-10-840-7499.
COVID-19 60-day Payment Grace Period for LANDBANK Credit Cardholders
What does the 60-day Payment Grace Period mean?
It is a grace period that allows you to defer payment of your credit card bill for a maximum of 60 days without Late Payment Penalty Fees and interest-on-interest.
If you are, however, able to make a payment, we highly encourage you to use our electronic banking channels (LANDBANK Mobile Banking App, iAccess, LinkBizPortal, and Phone Access).
Who are qualified to avail of the 60-day Payment Grace Period?
All LANDBANK Mastercard Credit Cardholdersmay avail of the 60-day Payment Grace Period.
What is the period of coverage of this program?
This covers payment due dates from March 20, 2020 up to May 15, 2020, subject to the extension of the enhanced community quaratine (ECQ) period.
You may pay your credit card bill on or before the following extended payment due dates:
Credit Card Type | Payment Due Dates | New Payment Due Date |
Gold | March 20, 2020 and April 20, 2020 | May 19, 2020 |
Classic | April 06, 2020 May 06, 2020 | June 05, 2020 |
Do I need to call or inform the Bank should I choose to avail of the grace period?
Only those covered by the auto-debit arrangement (ADA) need to request for temporary suspension of this arrangement. Cardholders not covered by the ADA need not call the Bank to avail of the payment grace period program. You may send your request for the non-implementation of ADA or reversal of payments made during the ECQ period to ccad@mail.landbank.com.
Are Finance or Interest Charges waived also?
Interest-on-interest shall be waived.
No interest shall also be charged if the total amount due is fully settled on or before the new payment due date.
All interest charges reflected in the current month’s Statement of Account shall be reversed the following month. These shall be reverted back to the cardholder’s account (net of interest-on-interest) only if the cardholder pays less than the total amount due on the new payment due date. The accrued interest shall be payable on the next payment due date unless the cardholder requests for its payment on a staggered basis.
How will the 60-day payment grace period be applied to Installment Loans?
Cardholder need not pay the loan amortization due within the payment grace period. Loan amortizations (Principal and Interest) due within the payment grace period shall move by 60 days. This will extend the final due date of the entire loan by 60 days.
You may call our hotline (632) 8-4057000 or email us at ccad@mail.landbank should you wish to settle the deferred accrued interest via a special payment arrangement.
COVID-19 60-day extension to Salary Loan Borrowers
1.What is the period coverage of the 60-day extension period?
Loan amortizations falling due within March 15 up to May 15, 2020. This shall be automatically extended if the ECQ shall be extended by the President of the Republic of the Philippines
2.Who are qualified to avail this program?
All Salary Loan borrowers (LLS/ LMLS) regardless of Loan status whether these are current or past due are entitled to avail this program.
3. What is the effect of the 60-day grace period on my salary loan?
- The maturity date of your salary loan will be automatically extended by two (2) months; LANDBANK will add two (2) months to the original maturity date indicated in the Promissory Note (PN).
- The interest accrued on the unpaid principal portion of the loan during the grace period shall be added to the loan’s outstanding balance.
- After the grace period, the monthly amortization shall be based on the existing amortization schedule. The accrued interest from the grace period shall be collected on staggered basis on the last two amortization due dates.
Sample Illustration:
Sample 1:
Total Loan Amount: Php 50,000
Monthly Amortization: Php 4,407
Due Date: Every 30th of the month
Payment Due Dates Deferred: March 30, 2020 and April 30,2020
Loan Term Extension: 2 months
Original Maturity Date: December 29, 2020
New Loan Maturity Date: February 28, 2021
Monthly Amortization Due with the grace period applied:
March 30, 2020 = Php 0
May 30, 2020 = Php 4,407
January 31, 2021 = Php 4,739
February 29, 2021 = Php 4,704
Sample 2:
Total Loan Amount: Php 50,000
Monthly Amortization: Php 4,407
Due Date: Every 15th of the month
Payment Due Dates Deferred: March 15, 2020, April 15,2020 and May 15, 2020
Loan Term Extension: 2 months to start from June 15 (60-day grace period of Amortization Due Date of April 15)
Original Maturity Date: December 15, 2020
New Loan Maturity Date: March 15 , 2021
Monthly Amortization Due with the grace period applied:
March 15, 2020 = Php 0
April 15m 2020 = Php 0
May 15, 2020 = Php 0
June 15, 2020 = Php 4,407
February 15, 2021 = Php 4,739
March 15, 2021 = Php 4,704
4. What will happen to Agencies with Auto-debit arrangement?
Existing auto-debit arrangement shall be suspended until the end of the 60 day grace period
5. What if I have already paid my amortization due last March 15, am I still qualified to avail of the grace period?
Yes, borrowers can request for reversal thru its Agency
6. Can I still pay during the grace period?
Yes, borrowers are encouraged to utilize the eBanking (MBA or IAccess) facilities of LBP for their loan payment
7. Will I be charged of penalty as a result of the 60-day grace period?
No penalty will be charged during the grace period
8. Can I still renew my loan?
Yes, loan renewal may be granted during and after the moratorium provided borrower must have paid at least one (1) loan amortization.
LANDBANK Mobile Banking Application: Credit Card Module
Who can access the Credit Card Module in the LANDBANK Mobile Banking Application (MBA)?
- Those enrolled in iAccess
- Cardholders whose accounts are in current status
(For updating of account, cardholders may call Customer Care Center Hotline (+632) 8-405-7000 or PLDT Domestic Toll Free Number 1-800-10-405-7000)
What username and password should I use?
Use your LANDBANK iAccess username and password
Who can register in the LANDBANK Credit Card MBA?
- Principal cardholders
- Account is automatically registered if activation is done via MBA
Who can activate a Credit Card in the LANDBANK MBA?
Card activation is allowed for both principal and supplementary cards
ACADEME Lending Program
What is the ACADEME Lending Program?
The LANDBANK’s ACcess to Academic Development to Empower Masses towards Endless Opportunities or simple the ACADEME Lending Program is the Bank’s New Credit Facility for the private education sector. The program provides credit fund to private/non-DepEd, private TechnicalVocational and Education Training (TVET) Institutions, private Higher Education Institutions(HEIs)such as colleges and universities in providing continuing education to their students under the enroll now pay later scheme.
Who are the eligible borrowers under the program?
The borrowers under the program are learning institutions from the private sector. This includes the following:
- Private/Non-DepEd Junior/Senior High Schools with permit to operate byDepEd
- Private Technical-Vocational and Education Training (TVET) Institutions in partnership with and being regulated by the Technical Education and Skills Development Authority (TESDA)
- Private Higher Education Institutions (HEIs) such as Colleges and Universities with undergraduate programs authorized by Philippine Commission on Higher Education (CHED) and the HEIs should be accredited by any of the following:
- Philippine Accrediting Association of Schools, Colleges and Universities (PAASCU);
- Philippine Association of Colleges and Universities’ Commission on Accreditation (PACUCOA);
- Association of Christian Schools, Colleges and Universities Accrediting Association Inc. (ACSCU-AAI); or
- Federation of Accrediting Agencies of the Philippines (FAAP)
Students are not the direct borrowers of the program. Students will directly apply to the schools. LANDBANK, in turn, will refinance these loans of the schools.
What is/are the applicable purpose of loan under the program?
The Bank will only finance Promissory Notes (PNs) issued by the parents/benefactors of the students for them to be able to enroll to their school on credit. Purposes such as construction of building, expansion are not included to be financed under the program. This program is a term loan rediscounting facility intended to re-finance PNs of the students to schools.
When will the program be made available?
The program will only be offered for a specific period of time. This will only be offered to schools from May 5, 2020 to June 30, 2021 only.
What is the interest rate under the program? Will the students bear the interest rate that will be effected to borrowing schools?
The program has a very low interest rate of 3% per annum. This 3% will be imposed to the borrowingschools only. Schools must not pass this rate to students. Schools must offer the loan program to its students at 0% interest rate
How and how long will be the repayment term of the borrowing schools?
Loans under the program will have maturity that coincides or is co-terminus with their sub-borrowers PNs but will not exceed 3 years. In case of varied maturity dates of the sub-PNs, borrowing-school’s PN maturity date will be the earliest due date of sub-PNs per batch. Borrowing school’s PN may be paid monthly, quarterly or lump sum.
Are there limits or restrictions to be imposed by the schools to their sub borrowers?
The schools will set and implement their own guidelines such as requirements, eligibility, repayment and processesto theirsub-borrowers. The Bank did not impose any restrictionsfor the sub-borrowers. This will depend on the borrowing school
How can I apply for the program?
If you are an interested student, you may directly inquire on your current school or your school of choice if they will avail of LANDBANK’s credit program, or will offer tuition fee assistance through provision of loan during admission. For interested new borrowers, you may visit the nearest LANDBANK Lending Center in your area.
Click here to search for the nearest LANDBANK Lending Center near you.
You may also contact the followingLANDBANK Head Office Lending Units and Lending Support Units:
| UNIT | CONTACT PERSON | EMAIL ADDRESS |
| Micro Finance Iintitution Department | DM Leonardo Aurellana | LAURELLANA@mail.landbank.com |
| SME-Mid Market Lending Department I | AVP Joji D. Flores | JFLORES@mail.landbank.com |
| SME-Mid Market Lending Department II | AVP Danilo D. Dayanghirang | DDAYANGHIRANG@mail.landbank.com |
| PMD I | AVP Edgardo S. Luzano | ELUZANO@mail.landbank.com |
| PMD II | AVP Generoso S. David | GDAVID@mail.landbank.com |
| EPMD | AVP Prudencio E. Calado III | PCALADO@mail.landbank.com |
| FSD | DM Margarita C. Cabrera | MCABRERA@mail.landbank.com |
| DAD | DM Lolita S. Huerto | LHUERTO@mail.landbank.com |
| LSD | AVP Teresita SP. Aringo | TARINGO@mail.landbank.com |
How long is the loan processing time?
The turn-around time in loan processing is normally 45 days from the time of complete submission of documents. However, the actual turn-around time is dependent to the amount of loan applied for and to the complexity of the project or loan purpose to finance. It could be a lot shorter for small loan amounts and for simple project or loan purpose to finance.
What are the requirements to avail of the program?
The pre-processing requirements are:
- Masterlist of sub-PNs to be assigned;
- DepEd or CHED’s Permit to Operate as an education institution;
- SEC-certified Registration Papers;
- List of Major Owners and Officers with their official designation in the Institution with their personal data and 2x2 ID pictures;
- Board Resolution authorizing the school’s representative to obtain, negotiate, mortgage, sign and enter into a loan agreement with LANDBANK;
- Audited BIR-filed F/S for the past 3 years plus the interim F/S.
Is full collateral cover required under the program?
Collateral may be required for the program. Full collateral cover may not be required, however, provided that the borrower can demonstrate sufficient cash flow to repay their loan with the Bank. The following are the acceptable collateral the Bank can accept: Any or combination of the following:
- •REM, CM
- Deposit Hold Out or Continuing Assignment of Peso and/or Dollar/Time Deposits or Long-Term Time Deposits that match the term of the loan
- Other collateral acceptable to the Bank
As a sub-borrower, what are the requirements and processes to avail of the program?
The ACADEME Lending Program is a lending program for the private education providers. The borrowing schools will be the one to set their own parameters, requirements, repayment options for their sub-borrowers. Sub-borrowers, on the other hand, must execute a Promissory Note (PN), stating the amount of loan to be applied to the schools and when will they be able to pay the loan and on what terms, to the schools. LANDBANK will provide schools copy of standard Promissory Note (PN) to be used when students will apply for a loan. As part of the requirements, borrowing schools must submit a masterlist of the sub-PNs they financed.
As a sub-borrower, when and how can I repay the loan?
Repayment of the loan by the students/parents/benefactors will depend on how the schools will outline their own loan program. The schools may have the option for a staggered or lump sum repayment. It may be payable monthly until full payment of the loan, or it may be paid in full on or before the maturity date stated in the PN issued by the student/parents/benefactors. The students/parents/benefactors will pay directly to the schools, as the schools are the ones who granted them the loan
I-STUDY Lending Program
What is I-STUDY Lending Program?
I-STUDY (Interim Students’ Loan for Tuition towards Upliftment of Education for the Development of the Youth) Lending Program provides financial assistance that would enable the parents/benefactors to send their students to school but are having difficulty owed to adverse effect of the pandemic in their jobs/businesses.
How much fund is allocated for the Program?
The Bank allocated an initial fund of P1.5 Billion from its internal funds.
Who can borrow under the Program?
The eligible borrowers are the parents, guardians or benefactors.
What are the eligibility criteria in order to avail of the Program?
In order to avail of the program, the following eligibility criteria should be met:
a. For Parents:
- Filipino Citizen of legal age and with established repayment capacity;
- A co-borrower shall be required if the principal borrower is more than 60 years old and/or with no established repayment capacity;
- Must have established credit history and good credit standing. The LC shall check the borrower’s historical 2 months of cards payments/billings, utility billings if updated prior to Covid 19;
- Must be a permanent resident/has resided with minimum 2 years in area of residence; and
- Must have a combined monthly net take home pay (after loan amortization) of P20,000 per enrolled student.
b. For Co-borrowers:
- Not be more than 60 years old and Filipino Citizen;
- With good credit standing and must have established repayment capacity, as evidenced by Certificate of Employment, Employment Contract (if employed), Business permit (if Self-employed), among others; and
- Must be a permanent resident/has resided with minimum 2 years in area of residence.
c. For Students:
- Filipino Citizen;
- Not over 30 years old at the time of application;
- Incoming student who are qualified under the admission and retention requirements of school or technical vocational institutions recognized/accredited by CHED/TESDA/DepEd;
- Not a current beneficiary of the Universal Access for Quality Tertiary Education Act of 2017 (R.A. 10931) or any scholarship program or of any privilege having free tuition fees as honor student; and
- Of good moral character as certified by school.
What loan purposes can be funded under the Program?
The eligible loan purpose is to finance tuition/enrolment-related fees of the students.
How is the loan being released?
The loan will be released in lump sum and to be credited directly to the account of the school.
Are there any requirements for the school before the student can proceed with the enrollment?
The school by which the student would like to enroll should have a Memorandum of Agreement (MOA) with the Bank.
For how long will the Program be available for the borrowers?
The borrowers can avail loans from the Program up to SY 2021 – 2022.
What credit facilities are available under the program?
The credit facilities that are available under the Program are:
a. Short Term Loan for pre-school, primary and secondary education; and
b. Term Loan for tertiary education
How much loan can a borrower avail?
The maximum loan amount shall be the equivalent of 1 school year/2 semesters, or, P150,000 per student but not more than P300,000 per borrower and which shall be based on the submitted school-issued Enrolment Assessment Form/Registration Form with Schedule of Assessed Enrolment Fees.
What is the interest rate being charged for the loan?
The interest rate is five percent (5%) per annum, fixed for the entire term of the loan.
For how long will the loan be paid?
The loans can be paid as follows:
a. For Short-term loan, it is payable within 1 year via 360 day PN; and
b. For Term Loan, it is payable up to maximum of 3 years inclusive of 1 year race period on the principal.
What is the repayment term for the loan?
a. For the Short Term Loan, the principal and Interest shall be payable on maturity date of the PN.
b. For the Term Loan:
1) Interest shall be payable quarterly during the grace period; and
2) Equal monthly amortization (principal plus interest) after the 1-year grace period.
What collateral is being accepted/required by the Bank?
The Bank will not require collateral for the loan. However, the borrower is given the option to any of the following:
a. Issuance of PDCs for the scheduled loan repayments: or
b. Credit Life Insurance up to the extent of the loan obligation
What are the pre-processing requirements needed to avail of the Program?
a. For Parents, guardians/benefactors/co-borrower
1) Duly accomplished loan application Form
2) For salaried individuals:
• Certificate of Employment/Contract of Employment;
• Copy of 3 months latest pay slip;
• Latest BIR-filed Income Tax return
3) For self-employed:
• Copy of Business Permit;
• Latest BIR filed Income Tax Return
4) Valid Government-issued ID
5) Proof of billing address and payment record from at least 2 utility/service companies
b. For Students
1) Admission slip/Enrollment Form with Student ID issued by an education institution or technical vocational institution (for incoming student) or proof of enrollment (present or latest enrollment or registration form for continuing student);
2) Form 138/Certified True Copy of Grades during previous semester attended;
3) Certificate of Good Moral Character from the dean/guidance counselor or any authorized personnel from the school;
4) Schedule of payment of school fees and other enrolment related expenses for the subject school semester or school year, as the case maybe, duly certified by the registrar or authorized personnel of the educational institution.
Are there other requirements needed to be submitted prior to loan release?
In order for the Bank to release the loan proceeds, the following should be followed/submitted:
- Opening of Landbank’s deposit account by the borrower where repayment of the loan shall be debited;
- Certificate of completion of academic requirements duly certified by the registrar or equivalent from previous school year or previous semester;
- Schedule of payment of school fees and other enrolment related fees for the current term duly certified by the registrar or authorized personnel of the institution;
- Duly received by the school the Authority for LBP to receive copies of documents from school related to the student’s records; and
- The borrower shall give its consent to disclose credit information to other banks, financial institutions, the Banker’s Association of the Philippines Credit Bureau (BAP-CB) and other credit bureaus or institutions.
How can I avail of the loan program?
A borrower can file its loan application to the nearest LBP Provincial Lending Center or Head Office Lending Unit.
RISE UP LGUs LENDING PROGRAM
1.WHAT IS LANDBANK’s RISE UP LGUs LENDING PROGRAM?
The Restoration and Invigoration Package for a Self-sufficient Economy towards Upgrowth for LGUs or RISE UP LGUs is a new lending program which is being available by LANDBANK for Local Government Units to support them in the implementation of economic recovery plan aimed reviving the local economy in the aftermath of the COVID-19 pandemic.
LANDBANK has earmarked an initial Php10.0Billion fund to provide credit assistance to eligible LGUs to finance their plans, programs and activities to bring back the confidence of its constituents in the local economy to be able to foster regional and local development.
2.WHAT IS THE COVERAGE AND DURATION OF THE PROGRAM?
The program shall be implemented nationwide and will run for a period of five (5) years or until June 2025.
3.WHO ARE THE ELIGIBLE BORROWERS UNDER THE PROGRAM?
Eligible to borrow are” (1) Provincial, (2) City and (3) Municipal LGUs which has passed the standard risk asset acceptance criteria/eligibility criteria of the Bank for LGUs.
4.WHAT ARE THE LGU PROJECTS THAT CAN BE FINANCED UNDER THE PROGRAM?
LGUs may borrow for:
- 1.Permanent working capital such as but not limited to purchase of agricultural produce from its local farmers/constituents;
- 2. Acquisition of equipment and construction of facilities for linking of products to the market such as market infrastructure development and/or improvement ((e.g., farmers’ market, new or expansion of wholesale markets), mobile palengke, collection and buying stations, and related facilities; and
- 3. Other programs and projects of the LGU that provide basic and support services, social welfare and healthcare, and other infrastructure activities (e.g., construction of additional building to accommodate COVID-19 patients and persons under investigation/monitoring), that aim to bring back confidence of the people and spur the local economy/businesses.
5.HOW MUCH CAN QUALIFIED LGUs BORROW UNDER THE PROGRAM?
Depending on the requirement of the LGU provided that the total loan exposure (including the proposed loan under the program) shall not be more than its Net Borrowing Capacity (NBC) per Bureau of Local Government Finance (BLGF) computation/certification
6.HOW MUCH IS THE INTEREST RATE?
The credit facility will be offered at an interest rate of 4.5% per annum, fixed for the first year, regardless of he credit rating of the borrower, and subject to annual repricing thereafter based on the Bank’s prevailing interest rate.
In the event however, that external funds that may be provided by law as part of the economic stimulus package, interest rate shall be as prescribed under said legislation.
7.WHAT IS THE LOAN TENOR AND REPAYMENT TERM?
- For Permanent Working Capital, period shall be three (3) years, payable monthly, quarterly, semi-annually or annually.
- For Term Loans:
- for acquisition of machineries/equipment and construction/rehabilitation of facilities, up to ten (10) years but not longer than the economic useful life of the asset payable monthly, quarterly, semi-annually or annually
- for other purposes, term shall be based on the LGU’s cash flow payable monthly, quarterly, semi-annually or annually.
- For these purposes, other LGU projects (existing or in the pipeline) that will affect the NBC shall be considered in the computation of the tenor.
8.IS THERE A GRACE PERIOD ON REPAYMENT OF LOANS?
A grace period may be granted up to one (1) year on principal payment.
9.WHAT IS THE PENALTY RATE FOR LOAN DEFAULT?
A penalty rate of 24% per annum shall be charged in case of non-payment, to commence on the day immediately after the due date of loan amortization/credit accommodation up to the date of settlement.
10.WHAT ARE THE OTHER FEES AND CHARGES?
Standard fees and charges shall apply except for handling, commitment, and pre-payment fees which shall be waived.
A 2% pre-payment fee shall be charged on the principal loan to be pre-paid, if the loan is taken out by another bank/financial institution.
11.WHAT ARE THE BASIC DOCUMENTARY REQUIREMENTS TO APPLY FOR A LOAN?
To apply for and avail of the loan, LGUs need to submit documentary requirements:
Minimum Documentary Requirements:
- Sangguniang Resolution
- Ordinance approving the Local Development Plan/Annual Investment Program/Supplemental Investment Program
- Seal of Good Housekeeping, except for LGUs with credit ratings of Prime and High Grade
- Latest BLGF Certification of Net Borrowing Capacity
- Monetary Board Opinion
- Annual certification from the Budget Officers, Accountant and Treasurer on availability of proposed sources of repayment
- Joint Certification by the Bids and Awards Committee (BAC) Chair and by the LCE on compliance with RA 9184 and to COA rules and regulations
- Promissory Note with Deed Assignment of IRA
Implementation of Sec. 4 of the Bayanihan to Recover as One Act
1. Which types of financial institutions are covered by Sec. 4(uu) of the "Bayanihan to Recover As One Act" (BARO Act)?
For purposes of BSP Implementation of Section 4(uu) of the BARO Act, it shall cover all BSP-Supervised Financial Institutions (BSFIs) with lending operations. These shall include banks, quasi-banks, non-stock savings and loan associations, credit card issuers, trust departments/corporations, pawnshops, and other credit granting entities under the supervision of the BSP.
2. How will the mandatory one-time 60-day grace period under Sec. 4(uu) of the BARO Act be applied?
BSFIs shall implement a non-extendible, mandatory one-time 60-day grace period for all existing, current, and outstanding loans with principal and/or interest, including amortizations, falling due from the effectivity of the BARO Act or from 15 September 2020 until 31 December 2020 without incurring interest on interests, penalties, fees, or other charges. The parties are, however, not precluded from mutually agreeing to a grace period longer than 60 days.
Section 4(uu) of the BARO Act shall not apply to interbank loans and borrowings.
3. When will the 60-day grace period commence?
The60-day grace period shall commence from the payment due date of loans with principal and/or interest, including amortizations, falling due from the effectivity of the BARO Act or from 15 September 2020 until 31 December 2020.
For example, the due date of a loan with monthly amortization falling due on 20 September shall be moved to 19 November. Following this example, if the last payment due date of said loan before the application of the mandatory grace period is on 20 September 2024, said last payment due date shall be moved to 19 November 2024.
The application of the mandatory 60-day grace period under the Act effectively moves the payment due dates of the entire loan.
4. When will the borrower pay the principal and interest falling due from 15 September 2020 until 31 December 2020?
The principal and accrued interest falling due from the effectivity of the Act until 31 December 2020 may be paid by the borrower in full after the application of the 60-day grace period. The borrower may also pay on a staggered basis until 31 December 2020. Likewise, the parties may agree to pay the principal interest on staggered basis beyond 31 December 2020. For this purpose, accrued interest shall refer to interest that is due on the outstanding principal obligation but has not been paid yet by the borrower since the last loan payment made.
5. Can the borrower opt to apply the 60-day mandatory grace period to any of this amortizations falling due on or before 31 December 2020?
Yes. Borrowers may opt to apply the mandatory one-time grace period to any of his amortizations falling due on or before 31 December 2020.
6. Can the borrower opt not to apply the 60-day mandatory grace period to any of this amortizations falling due on or before 31 December 2020?
Yes. Borrowers may choose not to avail of the mandatory grace period and their obligations as they fall due should they so desire.
7. Will amortizations be rescheduled in line with the 60-day grace period?
Do BFIs need to issue new Promissory Notes (PN)/Disclosure statements (DS) for the new amortization schedule?
Yes. The amortizations for the payments falling due from 15 September 2020 will be rescheduled. The application of the mandatory 60-day grace period under the BARO Act effectively moves the payment due dates of the entire loan. The BSFI shall document the movement of the payment due dates as it deems proper.
8. Does Section 4(uu) of the BARO Act apply to loans extended by BSFIs abroad to Filipino residents?
No. Section 4(uu) of the BARO Act applies only to loans extended by BSFIs established in the Philippines.
9. Will it cover loans of borrowers who have been previously required by lending institutions to execute a waiver of their right to avail of the benefits of the grace period prior to its effectivity?
Yes, the loans will still be covered by the mandatory grace period under the BARO Act notwithstanding the execution by the borrower of a waiver prior to the issuance of Section 4(uu) of the said Act. Any waiver previously executed by borrowers covering loan payments falling due on or before 31 December 2020 shall be considered void. Nonetheless, borrowers may still choose to pay their obligations as they fall due on or before 31 December 2020.
10. Does Section 4(uu) of the BARO Act apply to all loan accounts whether current or past due?
No. Section 4(uu) of the BARO Act only covers loan accounts that are existing, current, and outstanding as of 15 September 2020. Past due accounts are not covered under Section 4 of the said Act. For this purpose, "existing" loans shall refer to loans granted, or transactions (e.g., purchases, cash advances, balance, transfers) made using credit cards, prior to 15 September 2020.
11. If one of the loans of a borrower with multiple loans is past due, will Sec. 4 of the BARO Act still apply to other loans of said borrower?
Yes. It shall apply toexisting, current, and outstanding loans of the said borrower as of 15 September 2020. The past due account will not be covered by the mandatory grace period.
12. Does Section 4(uu) of the BARO Act apply to loan accounts that benefitted from the mandatory grace period under the Bayanihan to Heal As One Act?
Yes, if the loan accounts that benefitted from the mandatory grace period under Bayanihan I are existing, current, and outstanding as of 15 September 2020. Section 4(uu) of the BARO Act shall be treated independent of the Bayanihan I provisions.
13. Does Section 4(uu) of the BARO Act apply to restructured loans?
Loan accounts that were restructured before 15 September 2020 shall be covered if such accounts are considered as current performing as of 15 September 2020
14. If a BSFI granted an account that is classified as current before 15 September 2020 with grace period extending beyond said date, will the payments falling due on or before 31 December 2020 of ais account still be covered?
Yes. Loans classified as current before 15 September 2020 with grace period that extends beyond said date shall be covered.
15. If the BSFI granted the borrower a grace period prior to 15 September 2020, will this be considered as compliance with the mandatory grace period provided under the BARO Act?
No. The grace period will only reckon from the time the loan with principal and/or interest, including amortization, payment falls due from 15 September 2020 until 31 December 2020.
16. Does the mandatory grace period apply to letters of credits, bills purchase, guarantees and other contingent facilities that were funded by the covered financial institution?
Yes, it shall apply to payments for said facilities that will fall due from 15 September 2020 until 31 December 2020.
17. Does it apply to employees' benefit oans extended by financial institutions to their own workforce?
Yes. It covers all types of loans that are existing, current, and outstanding as of 15 September 2020.
18. How will the grace period be applied to DOSRI transactions under Sec. 342 of the Manual Regulations for Banks?
The mandatory grace period shall apply to DOSRI transactions with payments falling due from 15 September until 31 December 2020. No penalty/sanction shall be imposed on such DOSRI transactions when payment is made on the new due date following the application of the mandatory grace period.
19. Are loan accounts covered by post-dated checks, auto-debit or auto deduct arrangements with lending BSFIs covered?
Yes. It covers loan accounts with issued post-dated checks and those with auto debit or auto deduct arrangements. In this case, for loan accounts with issued post-dated checks, and those with auto debit or auto deduct arrangements, the BSFIs shall communicate with their clients and secure their consent to proceed with the transaction or arrangement. BSFIs shall give their clients ample time to respond to the request for consent with a disclosure that they will proceed with the transaction or arrangement if no feedback is received within the given period. This shall, however, not preclude the borrower from applying the mandatory one-time grace period to succeeding payments falling due on or before 31 December 2020.
20. What will the BSFIs do if payments were received beginning 15 September 2020 but they have not yet notified their clients nor adjusted their systems for the implementation of the mandatory grace period?
BSFIs shall communicate with their clients and secure their consent to apply the mandatory one-time grace period on the next installment due date. BSFIs shall give their clients ample time to respond to the request for consent with a disclosure that they will proceed with the proposed arrangement if no feedback has been received within the given period. In cases where the borrowers would signify the implementation of the mandatory one-time grace period for the payment received by the BSFI, the BSFI shall return the payment received to the borrower without charging interest on interest, penalties, fees and charges.
21. Are fees/charges related to loans extended or credit lines granted scheduled to be paid on or before 31 December 2020 covered by the mandatory grace period?
- Yes. Fees and charges related to loans extended or credit lines granted are covered by the mandatory grace period under teh BARO ACt.
22. Are BSFIs required to include in their letters of request for regulatory relief the application of the grace period even if this is already mandated under the BARO Act?
No. Banks are not required to request for application of the mandatory one-time 60-day grace period under the Act.
23. What interest rate should financial institutions apply in computing for interest accruing during the mandatory grace period?
Covered financial institutions should use the interest rate stipulated in the loan agreement.
24. How will Section 4(uu) of the BARO ACt provisions apply to loans other than those amortized monthly (i.e. quarterly, semestral)?
The mandatory one-time 60-day grace period will apply to all loans regardless of payment terms, as long as the due date falls on or before 31 December 2020. BSFIs will add 60 days to the due date falling from 15 September 2020 until 31 December 2020 to determine the new due date.
25. Will the accounts applying the mandatory one-time 60-day grace period be included in the past due loan (PDL) ratio computation and do BSFIs need to apply for exclusion of the accounts as PDL?
No. The accounts applying the mandatory one-time 60-day grace period will not be included in the PDL ratio computation. Likewise, BSFIs no longer need to apply for exclusion of the accounts in the computation of the PDL ratio.
26. Do borrowers need to apply or request for approval from BSFIs for the application of the mandatory one-time 60-day grace period.
No. The mandatory one-time 60-day grace period will automatically be applied by all BSFIs.
27. How will the 60-day grace period be applied for credit card transactions?
Credit card transactions made, including fees/ charges incurred, prior to 15 September 2020 shall be covered by the Act. Any unpaid balance of such transactions and fees/charges shall not incur interest or finance charges during the mandatory grace period. After the end of the applicable grace period, the said unpaid balance shall incur interest or finance charges if not paid in full on new due date.
Meanwhile, credit card transactions made on and after 15 September 2020 shall no longer be covered by the said Act and shall continue to incur interest or finance charges if not fully paid on or before its orginal due date.
28. For credit card transactors, will interest accrue on the oustanding balance during the 60-day grace period?
Credit card transactors will not be charged any interest during the 60-day grace period if they pay the total oustanding balance on or before the new due date.
29. In case a cardholder has no outstanding balance as of 15 September 2020, are transactions made after that said date covered by teh ACt?
Np. Credit card transactions made on and after 15 September 2020 are not covered by the provisions of the Act.
Merger of LANDBANK and UCPB
What is the status of the regulatory approvals to effect the merger?
In accordance with Executive Order No. 142 signed by President Rodrigo Roa Duterte, the merger between LANDBANK and UCPB has been endorsed by the Governance Commission for GOCCs, approved by Monetary Board of the Bangko Sentral ng Pilipinas, consented to by the Philippine Deposit Insurance Corporation, and approved by the Securities and Exchange Commission (SEC) pursuant to the Certificate of Approval of the Articles and Plan of Merger issued by the SEC.
When did UCPB shareholders approve the merger plan with LANDBANK?
UCPB shareholders approved the merger plan with LANDBANK during its stockholders’ meeting on December 14, 2021. The shareholders—representing 97.2% of UCPB’s total outstanding capital stock—voted in favor of the Plan of Merger and Articles of Merger between UCPB and LANDBANK.
The move further advances the ongoing fusion of the two government banks into a unified and stronger institution for promoting inclusive and sustainable development.
What will happen to the new UCPB Board once the merger takes effect?
Upon the effectivity of merger, the UCPB and its Board of Directors will cease to exist.
What is the timeline of the legal merger?
The legal merger between UCPB and LANDBANK will take effect on March 1, 2022.
What will happen to UCPB?
The UCPB will be merged into the Land Bank of the Philippines (LANDBANK) and once the legal merger is completed, it will take on the name of “Land Bank of the Philippines,” being the surviving entity.
UCPB clients are assured that banking services will continue to be unhampered throughout the merger process, with deposits remaining intact and secured in their respective servicing branches.
Will UCPB clients’ money remain safe when the merger takes place?
All deposits and investments entrusted to UCPB will remain safe and secured. UCPB will continue to uphold and protect depositors' rights throughout the merger process. The services will also remain to be unhampered.
How will the merger affect UCPB’s focus in terms of target market?
The merger will allow UCPB and its clients to benefit from the strength, stability, scale and reach of LANDBANK. UCPB will be a part of a bigger institution that caters to a wider base of clientele, including the other segments of the agricultural value chain.
Will UCPB’s culture of customer service remain?
LANDBANK will continue to provide personal and proactive service to UCPB clients and endeavor to make the transition seamless, including the processing of transactions.
Will the merged bank prioritize government transactions?
During the transition and even after the merger is completed, LANDBANK will continue to serve all clients, including government agencies, and provide them with the same level of personal and proactive service.
The merger will be beneficial to existing UCPB clients because they can access the bigger branch and ATM networks of LANDBANK, and will be able to avail themselves of a wider range of products and services.
What will happen to the UCPB deposit account?
The UCPB account will be converted to an LANDBANK account. LANDBANK will send letters or emails and text messages to the clients about the migration to inform them where and when to claim their new ATM/passbook/CTD/checkbook, and other evidence of deposits.
Do clients need to fill-up forms for the newly converted LANDBANK accounts?
No. UCPB clients are not required to fill-up LANDBANK account opening forms. However, they are encouraged to update their Client Information online (https://dobs.landbank.com/DOBS/home/applyNow) prior to visiting their LANDBANK Servicing Branch for the release of their ATM/passbook/CTD/checkbook, and other evidence of deposits for their new LANDBANK accounts.
Will the UCPB account number be changed?
Yes. The UCPB account numbers will be converted and migrated to LANDBANK account numbers based on the equivalent type of account.
What will happen to the issued checks for loan payments?
UCPB clients’ issued checks for loan payments will be accommodated for a certain period. They will be notified up to when the checks will be accommodated and should there be a need to issue new checks.
Will their payroll account still be maintained?
LANDBANK and UCPB shall communicate with the institutional clients/employers to discuss and execute the needed Memorandum of Agreement. The UCPB payroll account will be converted and migrated to the LANDBANK payroll account.
LANDBANK will send letters or emails notifications and text messages to the clients about the migration to inform them where and when to claim their new ATM card.
Will the UCPB CheckStarter Account with only P1,000.00 maintaining balance be retained?
The UCPB CheckStarter Account will be converted to LANDBANK regular checking account. LANDBANK maintaining balance and minimum required ADB for a regular checking account is P5,000.00 for individual clients and P10,000.00 for institutional clients. A service fee of P200.00 will be charged for checking accounts falling below ADB requirement for two (2) consecutive month-end and every month-end thereafter.
Will the UCPB Start2Save Junior Savings Account evidenced by passbook and ATM card and with initial deposit and minimum ADB requirement of P100.00 be retained?
The UCPB Start2Save Account will be converted to LANDBANK regular ATM savings account. However, LANDBANK passbook will no longer be issued to account holders. LANDBANK maintaining balance and minimum ADB requirement for an LANDBANK regular ATM savings account is P500.00. A service fee of P200.00 will be charged for savings accounts falling below ADB requirement for two (2) consecutive month-end and every month-end thereafter.
Will the UCPB Multi-One (All-in-One Savings and Checking Account with ATM and Passbook) with initial deposit and minimum ADB requirement of P20,000.00 be retained?
The UCPB Multi-One Account will be converted to LBP Peso E.A.S.Y. (Earning Access and Sure Yield) Check with ATM Access Account. However, LBP passbook will no longer be issued to account holders. LBP maintaining balance and minimum ADB requirement for this account is P10,000.00. A service fee of P200.00 will be charged for checking accounts falling below ADB requirement for two (2) consecutive month-end and every month-end thereafter.
Will the UCPB Regular Savings Account with ATM and Passbook with initial deposit and minimum ADB requirement of P10,000.00 be retained?
The UCPB Regular Savings Account with ATM and Passbook will be converted to LANDBANK Regular Passbook Savings Account. However, LANDBANK ATM card will no longer be issued to account holders. LANDBANK maintaining balance and minimum ADB requirement for this account is P10,000.00. A service fee of P200.00 will be charged for savings accounts falling below ADB requirement for two (2) consecutive month-end and every month-end thereafter.
Clients may opt to open a separate LANDBANK ATM savings account with a maintaining balance and minimum ADB requirement of P500.00.
Can UCPB clients expect the same kind of service even if their branch of account be migrated to LANDBANK?
UCPB clients are assured that they will be provided with excellent LANDBANK customer service and access to all LANDBANK products and services and e-banking channels, with extensive touchpoints of 489 branches and branch-lite units, and 58 lending centers nationwide.
Can UCPB cardholders now withdraw at LANDBANK ATMs with no charges?
The charges for cash withdrawals of UCPB cardholders at LANDBANK ATMs will still apply. However, once the UCPB accounts are converted/migrated to LANDBANK, withdrawals using the new LANDBANK ATM cards will be free of charge at LANDBANK ATMs.
Will the UCPB salary loan accounts be the same (terms, mode of payment, etc)?
UCPB salary loans will be retained with its original terms and conditions until its maturity date. Upon renewal of salary loan, LANDBANK existing loan terms and conditions and policies will be applied.
What will happen to UCPB pension account?
The UCPB pension account will be converted to LANDBANK pension account. Pensioners must comply with the new pension account reporting to their respective Agency (i.e. SSS, AFP, PVAO, etc.) to avoid delay in crediting of monthly pension.
What will happen to deposit and loan accounts of UCPB clients who are abroad?
The UCPB deposit and loan accounts will be converted to LANDBANK deposit and loan accounts. LANDBANK will send letters, email notifications and text messages to the clients about the migration to inform them where and when to claim their new ATM/passbook/CTDs/checkbooks and other evidence of deposits upon return from abroad.
However, clients who are abroad can contact their LANDBANK servicing branch (www.landbank.com/find-us) and are encouraged to update their account information using the LANDBANK DOBS Online.
What will happen to their UCPB online banking access?
UCPB Retail Online Banking will be migrated to the LANDBANK system. For initial log-in, clients must use their UCPB user ID. A default password will be used but will be required to change upon initial log-in to the LANDBANK's retail internet banking facility.
For UCPB Institutional Internet Banking (i.e. CMBiz, BIR ETPS, ePayment Portal), this will be manually enrolled using the existing enrollment forms submitted by the institutions to UCPB.
If a UCPB client has a Third Currency Account, will this be retained?
UCPB clients with Third Currency Accounts may still transact with their UCPB Branch of Account until the official merger takes effect on March 1, 2022. After which, the clients will be advised to convert their account to a peso or dollar account at LANDBANK.
Will the deposit pick-up (DPU) services still continue once the merger is effected?
Deposit pick-up services will continue and will not be hampered upon merger. However, all DPU arrangements will be subject for evaluation/review six (6) months from the conversion of the servicing branch, based on existing LANDBANK parameters.
For clients with existing Safety Deposit Box (SDB) rental, will they still be able to use their SDB?
UCPB clients will still be able to use their SDB. However, all SDB arrangements will be subject for evaluation/review six (6) months from the conversion of the servicing branch, based on existing LANDBANK parameters. UCPB clients with SDB arrangements at UCPB branch which will be closed/merged with LANDBANK branch will be notified and referred to the nearest LANDBANK branch with SDB facilities.
What other LANDBANK products and services can a client avail other than his/her existing deposit account?
LANDBANK has a wide array of LANDBANK products and services to suit its customers’ banking needs which are available in all 489 LANDBANK branches and branch-lite units nationwide and 58 lending centers, and through e-banking channels.
For the list of LANDBANK deposit products and services, the clients may visit the LANDBANK website at www.landbank.com.
How can clients using the UCPB facility for BIR payments make use of the LANDBANK ETPS?
UCPB institutional clients will be enrolled in LANDBANK’s ETPS using the submitted forms to UCPB by the institutions.
Will LANDBANK close some UCPB Branches?
Yes. Some UCPB branches will be merged with existing nearest LANDBANK branches. An official list of branches that will be retained/merged/closed, with their new branch name, address and contact details, will be announced to the public.
For clients currently paying Pag-IBIG contributions and other payables thru UCPB, will they be able to continue enjoying the same facility with LANDBANK? Do they need to re-enroll?
Pag-IBIG contributions are available in LANDBANK Corporate Internet Banking Facility—the weAccess. If currently enrolled in UCPB’s CM.Biz, LANDBANK will use the submitted form of the institution to UCPB for the enrollment to the Pag-IBIG bills payment module via the LANDBANK weAccess facility.
On current accounts, can UCPB clients still use their checkbooks on hand?
Yes. UCPB clients can still use the checkbooks on hand until the conversion of UCPB servicing branches to LANDBANK. All clients will be issued with LANDBANK checkbooks once their current accounts are converted to LANDBANK. Absorbing LANDBANK branches shall coordinate with UCPB current account holders for the immediate issuance of new LANDBANK checkbooks.
Can UCPB Cash Cards of HDMF members still be used for loan availments?
Yes. Existing UCPB Cash Cards can still be used for HDMF loan availments until new LANDBANK cash cards are issued as replacement by the HDMF.
For UCPB clients who are currently viewing their Bank Statements in MT940/MCF (Multi-Cash Format) via email, will they still enjoy this feature?
Yes. LANDBANK will continue to provide this feature. The bank statement in the MT940/MCF may be downloaded using the LANDBANK weAccess.
What will happen to UCPB accounts currently enrolled in the auto-charge facility? Are the clients required to re-submit any document?
UCPB clients may still use the auto-charge facility until the conversion ofUCPB servicing branches to LANDBANK. Once migrated, clients may enroll in the LANDBANK iAccess and Mobile Banking App for bills payment.
What will happen to the following existing loans and related contracts or agreements:
Consumer loans, loan facilities, contracts and agreements:
All will continue to be maintained, honored and implemented. Clients will be advised accordingly if there will be changes in the future.
Home or auto loan of the second owners of the properties:
Existing terms and conditions of the transferred loan accounts will be honored by LANDBANK.
Will there be any changes in the terms and conditions of the following?
Interest rate
The interest rate will remain the same.
Credit insurance
Coverage of the insurance will continue until further notice.
Automatic Debit Arrangement (ADA)
The ADA for consumer loan payments will continue to be processed. Clients will be advised accordingly if there will be changes in the future.
Payments for loan amortization
Payments for loan amortization should still be coursed through the former servicing UCPB branch of account, which will be renamed as a LANDBANK branch. Clients will be advised accordingly if there will be changes in the future.
What will happen to the newly approved loans of UCPB once the merger is in effect?
It will be processed and documented with LANDBANK as the lender.
What will happen to loan requests currently in progress?
The loan requests will be processed through the usual procedures of LANDBANK.
Could UCPB accountholders still issue checks or post-dated checks?
Yes, they can still issue checks against their UCPB checking account. UCPB checks issued by the UCPB borrowers shall be honored and transacted within two (2) years from the legal merger.
What will happen to the client’s existing treasury investments with UCPB? Will their settlement account change due to the merger?
Upon the legal merger, the client’s existing treasury investments with UCPB will be transferred and mainstreamed to LANDBANK who will handle and manage the investment. The client’s existing investment settlement account with UCPB will eventually be migrated to a LANDBANK deposit account. The branch account representative will be coordinating with the client once his/her LANDBANK account number is created.
How will the clients place new treasury investments upon merger?
Upon legal merger, the clients need to visit any LANDBANK branch if they are willing and interested to place new treasury investments. They will be required to open a settlement account and submit all the required documents or they may opt to use their existing UCPB settlement account that was transferred/migrated to LANDBANK deposit accounts and a new LANDBANK account number has already been created.
If a client wants to sell his/her current treasury holdings, who should the client get in touch with?
Prior to the legal merger, all UCPB fixed income investors shall continue to be serviced by the UCPB Fixed Income Sales Department (FISD). After the legal merger, all investors have to get in touch with the assigned Treasury Sales Officer of the LANDBANK Treasury Brokering and Marketing Unit (TBMU) for the needed services and assistance.
What is the evidence of a client’s investment through LANDBANK?
This depends on the type of investment of the client.
• For Government Securities (GS), they will be issued a Confirmation of Sale (COS) indicating that no certificates are issued to the investors because ownership of GS are recorded in the Bureau of Treasury’s National Registry of Scripless Securities (NRoSS) under the investor’s name.
• For Corporate Securities (CS), a Registry Confirmation (RC) coming from the third party-custodian like PDTC will be issued to the investor.
Do fixed income treasury clients need to pre-terminate their investment with UCPB because of the merger?
UCPB fixed income treasury clients have the option either to pre-terminate or sell their existing investment before the merger or just maintain it, which will form part of the investment accounts that will be transferred by UCPB to LANDBANK upon the legal merger.
Once transferred, all new placements/pre-termination/selling in the secondary market and the like shall be handled by LANDBANK TBMU.
Do clients need to update their documentary requirements upon transfer of their investment account with LANDBANK?
For purposes of complying with the necessary requirements of regulators as a result of the merger, some documentary requirements need to be updated/submitted (e.g. Client Suitability Assessment, BTRs Investors Undertaking and SPA/Authorization, Client Agreement, and others).
Upon legal merger, all documentary requirements of UCPB fixed income clients shall be transferred and safe kept by LANDBANK. Any lacking documents as required shall be requested from the client and shall be submitted to LANDBANK by the client.
A UCPB client is interested to invest in Fixed Income Securities (e.g. GS, CS) before the legal merger to LANDBANK. Is it possible to invest already and should he/she contact UCPB FISD or LANDBANK TBMU for assistance?
Yes. Any UCPB clients can already invest thru LANDBANK even before the legal merger. The client or UCPB FISD can contact LANDBANK TBMU for assistance. The client will be treated as a new client/investor and will be required to comply with the requirements (e.g. LANDBANK investment settlement account and documentary requirements).
The investment transaction will be recorded/booked in the LANDBANK’s Integrated Treasury System (ITS) and shall not form part of the UCPB Investment Accounts that will be transferred/mainstreamed to LANDBANK upon the legal merger.
A client would like to invest in fixed income securities through LANDBANK. How can the client open a settlement account with LANDBANK?
Since all investors will be required to open an account that will be designated as their settlement account for their planned investments, all would-be investors/clients need to visit any LANDBANK branch near their area. The concerned LANDBANK Branch will be their designated servicing branch and all proceeds from their investments (e.g. coupon payments and principal) will be credited to their settlement account.
Also, all documentary requirements and other concerns will be coursed thru their LANDBANK servicing branch for verification and endorsem*nt to LANDBANK TBMU for the necessary assistance and services.
Will the client’s settlement account for FX transactions change due to the merger?
The client’s existing settlement account with UCPB will eventually be migrated to a LANDBANK deposit account. The clients’ branch of account representative will be coordinating with them once their LANDBANK account number has been created.
How will the client purchase or sell FX upon merger?
The client may proceed to their branch of account or get in touch with their account officer for their FX requirements. Further, they need to accomplish the necessary forms and submit these together with supporting documents, if necessary.
What are the available FX products being offered by LANDBANK?
LANDBANK offers FX spot (value today or same day settlement) to existing depositors.
A client has an existing Investment Banking transaction with UCPB. What will happen to that transaction?
Generally, the LANDBANK Investment Banking Group (IBG) will substitute for UCPB in the transaction, subject to the consent of, and agreement by both LANDBANK and the client. Fortunately, the existing transactions of UCPB also involve LANDBANK; thus, continuity is assured and there will be a turnover arrangement between the two banks.
How will the LANDBANK and UCPB merger affect the client’s trust account/s and investment/s?
All UCPB trust accounts shall be transferred to LANDBANK once the merger is implemented.
Pending the effectivity of the merger, the management of UCPB accounts and their respective investments will continue to be handled by UCPB-Trust. On the other hand, LANDBANK Trust accounts will not be affected by the merger activities.
LANDBANK-Trust and UCPB-Trust will work together in providing unhampered trust services to their clients for a smooth and successful transition.
What are the benefits of the merger to trust clients?
Both UCPB and LANDBANK trust clients can take advantage of the economies of scale when it comes to their investments.
An increase in Assets Under Management (AUM) may mean that trading cost per peso is lower while potentially higher returns and interest rates may be realized due to the higher volume.
Trust clients will also benefit from the wider reach of LANDBANK through its branches responding to trust account concerns.
Whose policies and processes will apply and to be retained when it comes to client’s trust account/s? UCPB-Trust or LANDBANK-Trust?
LANDBANK-Trust’s organizational structure, policies, and processes shall be applied and retained.
Will UCPB trust account/s be closed because of the merger?
No, UCPB trust accounts will not be closed because of the merger. These accounts will be transferred to LANDBANK-Trust.
Transactions relative to the client’s account with UCPB-Trust will be unimpeded and will be accessible through UCPB’s channels until further notice.
Do clients need to withdraw/redeem their investment/s because of the merger?
No. Clients do not need to withdraw/redeem their investment/s with UCPB or with LANDBANK because of the merger.
Investment activities will remain and continue as long as clients will not withdraw/redeem or close their trust account.
Do clients need to submit other documentary requirements upon their trust account’s transfer to LANDBANK? Do they also need to update their account?
Yes, all clients’ information must be updated in compliance with the Bangko Sentral ng Pilipinas – Manual of Regulations for Banks (BSP-MORB). Clients should communicate with UCPB-Trust for the updating of their account’s information and other documentary requirements.
Once the merger takes effect and trust accounts have been transferred, existing documentary requirements of UCPB trust clients will be kept and recorded by LANDBANK-Trust. Any lacking documentary requirement shall be submitted to LANDBANK-Trust.
Who will manage the client’s trust account/s upon merger? Will they be assigned the same trust account officer/team who handles their UCPB trust account?
Once the merger is completed and trust accounts are migrated to LANDBANK, the LANDBANK Trust Account Management Department (TrAMD) will manage, maintain, and service the UCPB trust accounts. Clients or trust accounts will be assigned a new trust account officer/team.
UCPB trust accounts will be managed according to the standards set under applicable BSP rules and regulations.
Will there be an adjustment on the trust fees of accounts?
The provisions of the existing agreements involving UCPB-Trust accounts relating to their trust fees will continue to be observed.
Once the merger takes effect, the trust fees of migrated accounts will be reviewed and aligned/revised, if needed.
Any changes in the fee structure will be relayed to trust clients for review and approval.
What will happen to the client’s settlement account in UCPB? Is it going to be transferred to LANDBANK?
New settlement accounts will be opened with LANDBANK upon the migration of UCPB trust accounts.
All clients will be informed accordingly of the details of their new settlement account once available.
What if a client wants to withdraw his/her investments with UCPB Trust?
For redemption of investments or withdrawal of clients, they may seek assistance with UCPB-Trust or with any UCPB branch.
Until the merger’s is effectivity date, withdrawals or redemption of investments will continue to be processed by UCPB-Trust.
A client is interested in opening a trust account with UCPB. Should he/she contact UCPB-Trust or LANDBANK-Trust for assistance?
The client may contact UCPB-Trust or any UCPB branch for assistance in opening a UCPB trust account. Until the effectivity of the merger, trust transactions will continue to be processed by UCPB-Trust.
Can clients access their Unit Investment Trust Fund (UITF) in the LANDBANK Mobile Banking App (MBA)?
Not yet. UCPB UITFs will need to undergo product assessment once the merger is implemented. Availability of the said products in the LANDBANK MBA will be part of the assessment.
