MANILA - Land Bank of the Philippines clarified on Wednesday that the ATM cards it issues to registrants of the National ID are not preloaded with government subsidy or "ayuda."
LANDBANK said it is issuing this clarification "after crowds expecting for financial assistance turned up at various Philippine Identification System (PhilSys) registration centers due to false information circulating online."
The government-owned bank has been issuing ATM cards to people who registered for the PhilSys ID who are unbanked or do not yet have a bank account. These LANDBANK cards are provided for free and do not require an initial deposit, the bank said.
"As of 31 October 2021, LANDBANK has onboarded 6.14 million unbanked PhilSys registrants for their own transaction accounts from 1,296 registration sites in 62 provinces nationwide," the bank said.