The Land Bank of the Philippines (LANDBANK) and the Social Security System (SSS)
have signed a Memorandum of Agreement (MOA) for a safer and more convenient
disbursement and payment collection for SSS members, employers, pensioners, and
claimants.
Under the Agreement, the SSS will be utilizing 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.
LANDBANK President and CEO Cecilia C. Borromeo and SSS President and CEO
Michael Regino led the signing of the MOA on 01 June 2022 at the LANDBANK Plaza,
Manila.
“Our collaboration today is timely and relevant as we continue to leverage on
technology to meet the growing demand for digital payments and financial solutions.
Our combined efforts will ensure the delivery of convenient and uninterrupted
service to SSS members nationwide,” said LANDBANK President and CEO Borromeo.
Through this partnership, LANDBANK will facilitate the electronic bulk disbursements
of retirement funds, benefits, and investments to qualified SSS payees through the
LBCS. This will be coursed via PESONet, InstaPay, or the LANDBANK Crediting
Facility for the timely crediting of SSS pay-outs.
The SSS will also integrate their Electronic Collection Service to the LANDBANK
Link.BizPortal for real-time posting of contributions including loans, PESO funds, and
other fees from their members.
The LANDBANK Link.BizPortal is a web-based payment channel that allows clients to
pay for products and services online to over 870 private and government partner
merchants nationwide.
With this initiative, the SSS joins the roster of 550 national government agencies
supported by the LANDBANK Link.BizPortal. These include the Philippine National
Police (PNP), Bureau of Internal Revenue (BIR), Department of Health (DOH),
Department of Labor and Employment (DOLE), Department of Science and
Technology (DOST), and the Department of Trade and Industry (DTI), among
others.
This partnership forms part of LANDBANK’s expanded mandate of serving the nation,
which includes the promotion and adoption of digital payments for the advancement
of financial inclusion in the country.
