As previously communicated in the Notice of Merger issued in July 2026, BPI Direct BanKo, Inc. (BanKo) and Legazpi Savings Bank, Inc. (LSB) will officially merge effective October 1, 2026, with BanKo as the surviving bank.
As part of this transition, the following changes will take effect on October 1, 2026 (Thursday):
1. Change in Private Lending Institution (PLI) Name For existing LSB loan clients, the lender name reflected on your payslip will be updated from “Legazpi Savings Bank, Inc.” to “BPI Direct BanKo”.
2. Change in DepEd Code for DepEd Loan Clients If you are a DepEd loan client, the DepEd Code reflected on your payslip will change from 1214 to 3003.
3. No Change for Non-DepEd Loan Clients If you are an LSB loan client from a State University and College (SUC) or another institution that does not use a DepEd Code in its payroll system, the change in DepEd Code does not apply to you.
Please take note of these updates when reviewing your future payslips.
We remain committed to providing you with assistance throughout the transition period. Should you have any questions or require further assistance, please visit your LSB Branch of Account or contact -
📧 Email: [email protected]
☎️ LSB Customer Care Hotline: at (+63) 999 990 0572
Thank you for your understanding and continued trust in LSB.
LSB Management
Starting 01 October 2026, existing LSB borrowers whose loan payments are deducted through their payroll may notice a change in the Private Lending Institution (PLI) name reflected in their payslip. The PLI name will be reflected as “BPI Direct BanKo” instead of Legazpi Savings Bank (LSB).
Starting 01 October 2026, the DepEd Code for LSB loan deductions will change from 1214 to 3003. This change applies only to existing LSB borrowers whose loan deductions are processed through the DepEd payroll system.
No. The change in the PLI name and, where applicable, the DepEd Code is only a change in the information reflected in the payslip. Your existing loan terms and conditions remain subject to your existing loan agreement.
The change is being implemented to update the PLI information reflected in the payroll deduction records of existing LSB loan borrowers, following the merger of BPI Direct BanKo, Inc. (BanKo) and Legazpi Savings Bank, Inc. (LSB), with BanKo as the surviving entity, effective October 1, 2026.
The changes will take effect starting 01 October 2026. For existing DepEd borrowers, the payslip may reflect “BPI Direct BanKo” and DepEd Code 3003 starting from this date.
No action is required if your loan deduction continues to be properly reflected in your payslip. Please continue to ensure that your payroll deductions are sufficient to cover your scheduled loan amortization.
No. The change in the PLI name and DepEd Code does not, by itself, change your scheduled loan amortization or the applicable terms and conditions of your existing loan.
No. The change from DepEd Code 1214 to 3003 applies only to LSB borrowers whose loan deductions are processed through the DepEd payroll system. LSB loan clients from State Universities and Colleges (SUCs) and other institutions whose payslips do not use a DepEd Code are not covered by the DepEd Code change.
If you notice an issue with your loan deduction or the information reflected in your payslip, please coordinate with your Payroll/HR Office and your LSB Branch of Account for assistance.
The change in the PLI name and, for applicable DepEd borrowers, the DepEd Code is intended to update the information reflected in the payroll deduction. Your existing payroll deduction arrangement remains subject to the applicable payroll and loan processes.
For inquiries and assistance, you may contact the LSB Customer Care Hotline at (+63) 999 990 0572 or email [email protected]. You may also coordinate with your LSB Branch of Account.
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