Landbank boosts account security with insurance program

MANILA, Philippines — State-run Land Bank of the Philippines is strengthening its account security with an insurance product aimed at shielding depositors from the growing risks of ATM withdrawal fraud and robbery.

In a statement, Landbank said it ramped up the rollout of ATM Protect, an insurance program launched in partnership with Cocogen Insurance Inc. in September 2025.

This provides low-cost coverage against deposit account-related risks such as forced withdrawals, card skimming, ATM tampering and other fraudulent transactions across physical and digital channels.

Landbank ATM or Passbook savings accountholders can choose from three coverage options priced at P180, P360 and P540 per year.

Benefits scale with each tier, covering cash lost to fraudulent transactions and protection in the event of robbery, covering ATM and over-the-counter losses, accidental death, hospital indemnity, mobile device loss, document replacement and identity theft restoration.

The package also includes 24/7 global coverage, emergency assistance through Cocogen’s hotline, medical and legal referrals and fast claims processing.

“At Landbank, we recognize that even small, unexpected losses can significantly affect our clients, especially those who rely on their savings for day-to-day expenses. Through ATM Protect, we are making financial security more accessible – offering accountholders a practical and affordable way to safeguard their finances,” Landbank president and CEO Lynette Ortiz said.

In addition, the bank said coverage applies to transactions conducted by the accountholder, including those performed by authorized representatives from their immediate family.

Enrollment is available via QR codes and digital brochures at Landbank branches or online channels, with premium payments accepted through the bank’s mobile app, iAccess or over-the-counter transactions.

Clients must submit proof of payment to Cocogen for processing.

Meanwhile, Landbank has signed a memorandum of understanding with the Department of Information and Communications Technology (DICT) to jointly develop artificial intelligence (AI)-enabled digital solutions that will help small businesses enhance access to financing and accelerate digital transformation.

Under the agreement, the DICT will work to bolster the creditworthiness of micro, small and medium enterprises (MSMEs), improve productivity and grow their business.

The initiative will identify priority financing use cases, conduct pilot implementations and provide operational feedback to enhance the DICT’s MSME AI Tech Stack – a mobile-first suite of AI assistant designed to help small businesses address their most common challenges.

This includes preparing bankable business plans, complying with government requirements, setting profitable prices, understanding contracts, creating marketing content and identifying financing and government support programs.

The platform will be accessible in Filipino, English and other major Philippine languages.

The collaboration is anticipated to explore AI applications that can assist MSMEs in preparing business plans, organizing documentary requirements, supporting credit assessment and improving business decision-making.

The partnership forms part of the ASEAN Priority Economic Deliverable on the AI-Powered MSME Growth, aiming to scale up access to affordable AI tools for MSMEs across the region as the country chairs the Association of Southeast Asian Nations Summit this year.