LANDBANK TO SPEND P401-MILLION FOR I.T.

Manila, May 16, 2003 - Land Bank of the Philippines has allocated P401 million for its information technology-related capital expenditures this year 2003 to improve customer service and operating efficiencies.

The budget allocation will be used for the procurement of additional ATMs; computers and printers; mainframe upgrades; upgrading of branch systems; hardware requirements of additional IT projects; acquisition or development of new applications; and networking.

Landbank president and chief executive officer Gary B. Teves said that this is part of the Bank's plan to aggressively develop its IT and automation systems.

To date, Landbank has identified six major projects to further enhance its IT and automation systems. It has also started the rollout of 300 new ATMs nationwide from year 2003 to 2004 to reinforce its existing 275 ATMs. The additional ATMs are in response to the growing number of ATM depositors which has reached 700,000.

"We have identified four key strategies to achieve our target for 2003. These are the judicious investments in IT systems and infrastructure; standardization of products and services to simplify automation requirements; outsourcing of new IT projects; and encouraging project ownership by adapting a user-initiated and user-led approach to IT projects, " Teves said during a recent press briefing.


Reported by: Sol Jose Vanzi

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