The Philippine Deposit Insurance Corporation (PDIC) and Land Bank of the Philippines (Landbank) have taken another bold step in their enduring collaboration with the ceremonial signing of a Memorandum of Agreement (MOA) to implement the Landbank Bulk Credit System (LBCS), a new payment option to make settlement for closed bank creditors’ claims faster, easier, and more secure.
PDIC President and CEO Roberto B. Tan and Landbank President & CEO Lynette V. Ortiz signed the MOA in simple ceremonies held at the PDIC Chino Building in Makati City on July 21, 2025.
Under the agreement, the LBCS will serve as an additional settlement channel for creditors of closed banks under PDIC receivership, replacing time-consuming manual processes with a streamlined, web-based platform capable of processing high-volume electronic fund transfers in a single transaction. Linked to national payment systems such as PESONet and InstaPay, the facility enables same-day or even real-time crediting, eliminating the need for paper checks and cash handling while ensuring accuracy and transparency.
PDIC President Tan lauded the partnership as a testament to the trust and synergy between the two institutions.
“Today’s MOA signing reflects the strong, synergistic, and continuing bond between our organizations. With LandBank’s support, PDIC can earn the continuing trust of the public, including closed bank creditors. This initiative not only strengthens our operational capabilities but also reinforces our shared commitment to public service and financial inclusion.” President Tan said.
The LBCS marks the fourth claims settlement facility that Landbank has provided to PDIC progressively building a track record of innovation that includes the issuance of manager’s checks in 2012, to direct crediting to Landbank deposit accounts, payment through the Link.BizPortal in 2023, and the Visa Debit Card facility introduced last year.
With the new payment option in place, the PDIC and Landbank reaffirm their role as partners in safeguarding the financial system and ensuring that creditors of closed banks receive what is due to them swiftly, securely, and seamlessly.
