Pinoys can open bank account with just P1

MANILA, Philippines — Underserved Filipinos can now have their own bank account after state-run Land Bank of the Philippines allowed P1 as initial deposit in its latest product offering.

Landbank recently launched its Perang Inimpok Savings Option (PISO) account in a bid to cater to more unbanked Filipinos and bring them into the country’s formal banking system.

With this, customers can open a Landbank deposit account with only P1 as minimum initial deposit and up to a maximum of P50,000 account balance.

The depositor is only required to submit one valid ID.

The latest product is offered to individuals without an existing Landbank deposit account and have no capacity to open a regular one, which has higher initial deposit and maintaining balance requirements.

Landbank president and CEO Cecilia Borromeo said the latest offering is part of the government’s push toward financial inclusion.

“We continue to develop accessible and convenient banking products relevant to the diverse needs of our customers, including the unbanked and underserved,” Borromeo said.

Account holders can also access the bank’s digital channels to conduct fund transfer, bills payment, and balance inquiry services.

PISO accounts can be used in any BancNet, and 7-Eleven automated teller machines, domestic point-of-sale terminals, and for over-the-counter transactions.