MANILA, Philippines - The Land Bank of the Philippines has signed an agreement with the Land Registration Authority (LRA) for the establishment of an extension office that would facilitate speedy verification of land titles.
The extension office/kiosk will be located at the Landbank Plaza in Malate, Manila.
Landbank is the first government financial institution and in the banking industry to establish an LRA extension office.
Specifically, the agreement between the two government-run institutions would pave the way for Landbank’s direct link and access to the LRA’s automated title verification system.
“This launch marks Landbank’s continuing commitment to provide excellent customer service to our clients, especially to our priority sectors,†Landbank president and CEO Gilda E. Pico said.
Pico further said, “the establishment of this kiosk enables us to significantly streamline our processes on title verification and facilitate faster loan processing.â€
Under the agreement, Landbank shall receive, process and issue LRA-approved Certified True Copies of Title for its official and exclusive use, using the “anywhere-to-anywhere†(A2A) capability of the computerized LRA system.
The project, Pico said, would help reduce Landbank’s title verification processing time from the average 15 working days to within 24 hours.
Pico said a series of tests and trainings have been conducted by the LRA for Landbank to ensure the secure connection of the project to the Land Titling Computerization Project (LTCP) environment.
The establishment of such extension office is also one of the LRA’s ways to de-clog its Registry of Deeds offices and provide services to clients beyond usual working hours.