Filipino athletes below 18 years old can now open and manage their own visa debit card bank accounts, marking a significant step toward financial inclusion in the country’s sports sector.
This as Landbank expands access to its payroll services under its arrangement with the Philippine Sports Commission (PSC).
Landbank president and CEO Lynette Ortiz and PSC chairperson John Patrick Gregorio formalized the partnership through the signing of a memorandum of agreement recently, witnessed by the bank’s executive vice president Marilou Villafranca, First VP Nardo Masa, department manager Elmae Dy, and PSC commissioners Edward Hayco and Matthew Gaston.
“On our end in Landbank, we are here to partner and provide the services and products we have to ensure that our athletes are properly enabled,” Ortiz stressed in a statement. “Through this agreement, we will provide them with a secure and widely accepted debit account suitable for both local and international use with the proper safeguards in place.”
Under the collaboration, the bank will enable the opening of visa debit card accounts for minor athletes under the PSC roster, supported by safeguards through parent or guardian authorization.
With direct access to their own bank accounts, young athletes can receive allowances and incentives faster and more transparently, while gaining the ability to access and use their funds anytime and anywhere, including overseas.
“We try to really find deals like this… We want to reach out to partners, corporate partners, (and) government agencies just to make sure that they realize that supporting the Philippine Sports Commission is supporting the youth, the dreams of the community, the wellness, the well-being of the community. It’s got to be a win-win collaboration,” Gregorio said.
Young athletes may open a Landbank account at any branch nationwide by presenting a valid ID and a certification from the PSC, along with additional terms and conditions for the bank’s visa debit card to be signed by a parent or guardian. Upon approval, they will be issued a card for secure and convenient local and international transactions.
The bank also commits to supporting the digitalization and streamlining of PSC operations through its suite of digital banking channels, as well as addressing the Commission’s infrastructure financing requirements. ||
