MANILA, Dec. 22 -- State-owned Land Bank of the Philippines on Monday opened its new branch-lite unit (BLU) in Pagudpud, Ilocos Norte, bringing banking services closer to residents, farmers, fisherfolk and local businesses.

"The new branch will strengthen financial inclusion and support our economic growth in Pagudpud," Mayor Ralph Rafael Benemerito said in his short speech during the simple ribbon-cutting ceremony and thanksgiving mass.

A BLU is a smaller version of a full-sized bank with limited services and operations. It has an automated teller machine (ATM) and a digital corner where clients can open a deposit account in 15 minutes or less using the LandBank Digital Onboarding System (DOBS).

The new branch is located at the new pu...