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| LANDBANK and SSS have signed a partnership agreement to collaborate on digital pay-out and collection. Logo: Landbank/SSS |
The Social Security System (SSS) and the Land Bank of the Philippines (LANDBANK) have signed a Memorandum of Agreement (MOA) for safer and more convenient disbursement and payment collection for SSS members, employers, pensioners, and claimants.
In accordance with the terms of the Agreement, the SSS will use LANDBANK's Bulk Credit System (LBCS) and the Link.BizPortal digital platforms to ensure the timely delivery of social assistance to local and overseas Filipino workers and their beneficiaries.
Cecilia C. Borromeo, president and chief executive officer of LANDBANK, and Michael Regino, president, and chief executive officer of SSS, oversaw the signing of the MOU on 1 June 2022 at the LANDBANK Plaza in Manila.
Borromeo believes that the collaboration between the two institutions is timely and significant as they continue to leverage technology to meet the growing demand for digital payments and financial solutions.
He anticipates that the combined efforts of both institutions will ensure that SSS members across the nation receive convenient and uninterrupted service.
LANDBANK will facilitate the electronic bulk disbursement of retirement funds, benefits, and investments to qualified SSS payees via the LBCS as a result of this partnership. This will be processed through PESONet, InstaPay, or the LANDBANK Crediting Facility to ensure timely crediting of SSS payments.
In addition, the SSS will integrate its Electronic Collection Service with LANDBANK Link.
BizPortal for the real-time posting of their members' contributions, including loans, PESO funds, and other fees.
The LANDBANK LinkBizPortal is a web-based payment channel that enables clients to pay over 870 private and government partner merchants nationwide for goods and services online.
With this initiative, the Social Security Administration joins the 550 national government agencies supported by the LANDBANK LinkBizPortal. This includes, among others, the Philippine National Police (PNP), the Bureau of Internal Revenue (BIR), the Department of Health (DOH), the Department of Labor and Employment (DOLE), the Department of Science and Technology (DOST), and the Department of Trade and Industry (DTI).
This partnership is part of LANDBANK's expanded mission to serve the country, which includes the promotion and adoption of digital payments to advance financial inclusion in the nation. —iTacloban