Philippines bank doubling ATM network in '04

Philippines bank doubling ATM network in '04
Tags: Bank / Credit Union
March 29, 2004

MANILA - The Land Bank of the Philippines (LBP) will add 250 ATMs to nearly double the size of its network in 2004.

LBP President Gary Teves, in an interview with DXRP radio, said the new units, most of which will be installed in 2004's second half, will bring up the bank's nationwide total of ATMs to 550.

The bank hopes to have 1,000 ATMs by 2007, he said. "We are doing it slowly because one machine costs almost a million (Philippine pesos or U.S. $17,757)."

Teves said management is trying to devise a system that will warn customers that an ATM is about to run out of a cash.

LBP has grown into a P22-billion (U.S. $393 million) bank with more than 200 billion deposits.