Towards saving for a better future: Cebu student opens LANDBANK account with one peso

PORO, Cebu – 74-year-old Jesus Abao Wong has always dreamed of teaching his granddaughter the value of saving for the future – a lasting legacy he hopes she will cherish someday.

“I have always wanted to open an ATM savings account for my granddaughter and teach her how to save for her future,” he said. 

However, he was worried that his 12-year-old granddaughter, Dhaemyze, would have difficulty opening and managing her own bank account, especially in preparing and submitting the necessary documentary requirements.

So when he learned about the PISO (Perang Inimpok Savings Option) account offered by the Land Bank of the Philippines (LANDBANK), he immediately accompanied Dhaemyze to the LANDBANK Camotes Branch and successfully opened her very first bank account, with just P1.00 as initial deposit and one valid identification card.

“The process was as easy as 1-2-3. As soon as we entered the premises of LANDBANK, we were promptly assisted by the personnel who helped us throughout the application process,” Jesus excitedly shared.

Dhaemyze Wong, a Grade 7 student from Poro, Cebu, opened a LANDBANK PISO account –  her very first bank account – on 27 January 2023, with just P1.00 as initial deposit and one valid ID.

Launched in 2022, the LANDBANK PISO account is offered to individuals without existing deposit accounts and have no capacity to open a regular deposit savings account with higher maintaining balance and documentary requirements.

With her LANDBANK PISO account, Dhaemyze can now securely keep her extra cash from her school allowance and savings, and more importantly, develop healthy financial habits at an early age with the guidance of her grandfather.

“LANDBANK personnel have always been courteous and friendly. As a customer, I am confident that they will always be ready to assist the banking needs of my granddaughter anytime,” added Jesus.

Banking the unbanked

As of 31 March 2023, LANDBANK has opened close to 18,000 PISO accounts for unbanked and underserved Filipinos, including students, public utility vehicle drivers, vendors, household helpers, farmers, and fishers.

This covers remote communities across the country, reaching as far as the municipalities of Basco, Batanes; Moalboal, Cebu; Mati, Davao Oriental, and Claver, Surigao del Norte, among other far-flung areas.

With the LANDBANK PISO, accountholders can access the Bank’s menu of digital banking channels such as the iAccess, Link.BizPortal, and the Mobile Banking App for convenient fund transfer, bills payment, and balance inquiry services.

Accountholders can also use the PISO account in any LANDBANK, BancNet, and 7-Eleven Automated Teller Machines (ATMs), domestic Point-of-Sale (POS) terminals, and for over-the-counter transactions in their respective LANDBANK branch of account.

To open a LANDBANK PISO account, interested individuals only need to bring one peso and one valid ID or any Barangay certification/clearance for verification to the nearest LANDBANK Branch.

This is a paid press release by LANDBANK.