Some good news for Filipinos who do not have bank accounts as you can open a LandBank account without any initial deposit and you can register an account for FREE. This is applicable to Pinoys who will register in the PhilSys system.
The Philippine Statistics Authority (PSA) has partnered with Land Bank of the Philippines (LandBank) to offer Filipinos who register in PhilSys to open their own bank accounts. These LandBank accounts are FREE and there is no initial deposit required.
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How to Register Landbank Account with PhilSys
So for those who would like to register a Landbank account through PhilSys, all you have to do is complete the PhilSys Step 2 of the registration process which is considered as the appointment at the PhilSys center.
Once you have completed the Step 2, you can then avail financial inclusivity through LandBank booths and kiosks assigned in the offices.
Take note that the opening of a Landbank account is voluntary which means this is not a requirement to PhilSys applicants.
Having a bank account will make it easier for Filipinos to have digital payments for various transactions – whether paying for bills, sending and receiving money. This is, after all, a digital age, so it is important that we will all have a bank account.
PSA Warns Public on Scams and Fake Information Online
Filipinos with No Bank Accounts can Set up a Landbank Account via PhilSys, but please be advised that there are postings online that take advantage of innocent applicants and provide wrong information.
In a recent Facebook post by PSA, they shared some misinformation being claimed by some individuals online wherein there is a ‘cash assistance’ distributed to those who will open a Landbank account. This is false. There are no cash distributions when you open a bank account.
PSA also warns people in posting their information when they apply for a PhilSys account. There are important details like an Application Reference Number (ARN), PhilSys Number (PSN), Transaction Slip, Phil ID Card. These information should not be shared online!
Please check out the FB post below from the official page of PSA regarding this announcement: