MANILA - The number of online banking transactions climbed "exponentially" following the coronavirus lockdown in Luzon, an official of Rizal Commercial Banking Corp said on Tuesday.

While many bank branches remain open, the number of clients enrolling their accounts for online banking increased 260 percent since the start of the quarantine, said RCBC executive vice president Lito Villanueva.

Online transactions also saw a "huge jump," said Villanueva who is also the bank's chief innovation officer. Based on central bank data, RCBC is the Philippines' 9th largest lender.

Most clients paid online for food, he said.

RCBC has waived all fees for Instapay and Pesonet transactions with single transaction limits. Clients who need to use Pesonet to transfer larger sums of money can enroll their accounts online, Villanueva said.

The central bank is encouraging the public to use digital payments to avoid hoarding physical cash.