We are creating some awesome events for you. Kindly bear with us.

Digital system to expedite bank applications for key players in agri sector

Economies across the globe are streamlining their blueprints in a bid to foster economic recovery despite the challenges brought by the new normal. To do this, they are amplifying their digital initiatives faster than anticipated. Likewise, they are embracing a change in the cultural mindset to enhance their processes. 

Key economic sectors are getting support from the government in terms of technological advances. This is evident in the manufacturing and retail industries. Exports are likewise getting a boost from tech as governments strive to make their products more globally competitive and in the long term, be a growth pillar for the economy. 

In the Philippines, key areas of the economy are given priority following the onset of the global health crisis. From physical transactions, several government agencies are implementing online schemes to not just fast-track their correspondence with the public sector but to adhere to safety restrictions as well.  

Assistance to various sectors of the Philippine economy has been launched and made more convenient through digital tools. This is seen in the innovative measures used by the government not just in providing ease in public transactions but in key areas like social assistance. In an earlier report by OpenGov Asia, the Department of Social Welfare and Development (DSWD) said that it will be releasing livelihood settlement grants of LSGs to various households in strife-torn Marawi City through a mobile app. 

To promote ease in doing business for players in the agricultural sector, state-run Landbank of the Philippines (LBP) announced in a statement that it has installed its Digital Onboarding System or DOBS in its first Agri-Hub in the province of Ilocos Sur. 

The online banking system is intended to simplify account opening applications by reducing transaction turnaround time to 10 to 15 minutes. It is likewise anticipated to adhere to safety protocols implemented by the Inter-Agency Task Force during the new normal. It does this by minimising physical contact and promoting remote transactions. 

The bank was recognised for launching the DOBS, a web-based programme it launched two years ago to streamline account enrollment processes. This feat made the LBP one of the first lenders in the Philippines to offer a fully digital account application process for individuals, institutions and government agencies. The system was also set up with goals of promoting regulatory compliance in data quality through easy gathering, storage and retrieval of digital bank records. 

Launching a new Agri-Hub 

The Landbank, through Department of Agriculture Secretary William Dar, stated that the banking scheme, as well as the Sta. Maria Agri-Hub, “are expected to bring financial services closer to more bank clients in the rural area.” This is in conjunction with President Rodrigo Duterte’s directive that the LBP must cater to the needs of farmers, fisherfolks, agrarian reform beneficiaries and agriculture enterprises. 

During her speech at the inauguration of the Sta. Maria hub, LBP North Luzon Branches Group Head and First Vice President Ma. Belma Turla noted that the agri-hub is set to provide both financial and technical services to clients. These include account opening, withdrawal and cash encashment. Loan applications and handling of agrarian-related concerns may likewise be facilitated through the hub. 

The LBP’s Sta. Maria Agri-Hub is the fifth of its kind established in the country. The state-run lender said it has established these facilities in sites including Calabanga, Camarines Sur; Barotac Viejo, Iloilo and Sual in Pangasinan. Meanwhile, the Echague Agri-Hub in Isabela was earlier put up in a bid to cater to more than 2,500 farmers across 64 barangays in the municipality. 

The Sta. Maria hub is expected to speed up account-related transactions for farmers and fisherfolks not only within the Sta. Maria locality but to those from neighbouring towns and municipalities. 

Send this to a friend