Landbank offers time deposit that funds ‘green’ social projects

Land Bank of the Philippines on Wednesday said it is offering a new time deposit product that channels funding to social and environmental initiatives.

In a news release, Landbank said its GreenGrowth Deposit features a fixed one-year term, with a minimum placement of P50,000 offering a 2.25% interest rate per annum. 

The state-run lender said customers can enjoy higher returns of up to 4.25% interest rate for deposits amounting to P5 million and above.

Funds under the GreenGrowth Deposit will support sustainable financing, focusing on renewable energy projects, green technologies, and other eco-friendly initiatives and investments, the bank said.

Funds will be also allocated to community-centric programs aimed at enhancing social welfare.

“The Landbank GreenGrowth Deposit reflects our dedication to creating a greener and more sustainable future, while encouraging customers to be part of this transformative journey," said Landbank president and CEO Lynette Ortiz.

"Open an account now where each peso deposited contributes to creating ripples of meaningful change,” said Ortiz.

The bank said interested customers may open a GreenGrowth Deposit account online via the Landbank Digital Onboarding System (DOBS) and visit any of the 607 Landbank branches and branch-lite units nationwide to complete the account setup. — Ted Cordero/BM, GMA Integrated News