MANILA, Philippines—As online transactions flourished amid the pandemic, the state-run Land Bank of the Philippines (Landbank) has extended until March 31 the waiver of interbank transfer fees which started when COVID-19 struck in 2020.
In a statement on Monday (Feb. 1), Landbank said InstaPay and PESONet transactions will remain free of charge until the end of the first quarter of 2021, further prolonging the relief being provided since March 2020.
As most Filipinos just stayed at home due to stringent community quarantine restrictions, Landbank said the volume of transactions in its six electronic channels climbed 21 percent, while their value jumped by a 36 percent in 2020.
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