SEVEN FARMER-beneficiaries from Region I received a combined P46,400 worth of insurance payouts through their LANDBANK (Land Bank of the Philippines) prepaid cards.
LANDBANK said in a statement on Sunday that the disbursements represent payouts from the Philippine Crop Insurance Corp. (PCIC), following calamities that affected farmers’ crops.
The bank added that it employed digital solutions in disbursing the claims.
“Through our partnership with PCIC, we aim to enhance the delivery of insurance claims and make our banking services more accessible to farmers. This forms part of LANDBANK’s digital thrust of promoting financial inclusion to make banking more convenient for every Filipino,” LANDBANK President and Chief Executive Officer Cecilia C. Borromeo said.
LANDBANK Senior Vice-President Ma. Belma T. Turla and PCIC Acting Senior Vice-President Segundo H. Guerrero, Jr. led the fund distribution activity with PCIC Regional Manager Raul A. Servito and LANDBANK Urdaneta, Pangasinan Branch Head Marlene M. Mendoza at the LANDBANK Pangasinan Corporate Center.
The PCIC on Jan. 27 asked LANDBANK to produce 52,236 prepaid cards for its farmer-beneficiaries, 34,847 of which have since been released to the PCIC, according to the statement.
LANDBANK said the PCIC will oversee card distribution, allowing farmers to receive their payouts in succeeding disbursements.
The bank added that it is also ramping up card production for 17,389 more farmer-beneficiaries endorsed by the PCIC.
LANDBANK said that it aims to provide prepaid cards and facilitate the crediting of insurance proceeds to around 1.8 million PCIC beneficiaries, in line with a Memorandum of Agreement signed in April.
Farmers can withdraw cash from 2,997 LANDBANK ATMs.
LANDBANK added that the prepaid cards can also be used to make cashless purchases via point-of-sale terminals in participating stores and transact with the bank’s 1,056 agent banking partners nationwide. — Aaron Michael C. Sy