State-run Land Bank of the Philippines (LANDBANK) has been designated as the depository and financial settlement bank of the Securities and Exchange Commission (SEC) for online payments, in line with serving the growing demand for safe and contactless payment solutions.
LANDBANK will ensure the efficient collection and settlement of payments made by SEC clients through PayMaya, including the timely remittance of fees due the Bureau of the Treasury (BTr).
Under the new partnership, LANDBANK will maintain current and clearing accounts for SEC and BTr, respectively, to credit payments accepted and deposited by PayMaya through the LANDBANK weAccess facility. LANDBANK will also open a Guaranty Deposit account for PayMaya equivalent to the average total daily collection or in the amount agreed by both parties.
The collaboration was formalized over a quadripartite Memorandum of Agreement (MOA) virtually signed by SEC Commissioner Kelvin Lester K. Lee, National Treasurer Rosalia V. de Leon, LANDBANK President and CEO Cecilia C. Borromeo, and PayMaya Philippines, Inc. Founder and CEO Orlando B. Vea on November 18, 2020.
The MOA signing was witnessed by SEC Commissioner Javey Paul D. Francisco, BTr Deputy Treasurer Sharon P. Almanza, BTr Asset Management Service OIC-Director Eduardo Anthony G. Mariño III, LANDBANK Branch Banking Sector Executive Vice President Julio D. Climaco, Jr., and PayMaya Enterprise Head of Government Sector Marvin Santos.
“LANDBANK welcomes this collaboration and will ensure the efficient settlement and remittance of SEC fees and other payments. Rest assured that LANDBANK is one with you in the continued delivery of public services, and boosting government collection rates toward revitalizing our economy,” LANDBANK President and CEO Borromeo said.
In 2017, LANDBANK and SEC entered into an agreement to utilize LANDBANK’s Electronic Payment Portal (ePP) to provide a convenient and secure means of processing payments for the SEC iView and other transactional fees.
As of October 30, 2020, the LANDBANK ePP has successfully facilitated for the SEC a total of 6,439 transactions amounting to P28.4 Million.
In 2011, LANDBANK Branches also started processing registration applications by SEC applicants via the On-line Collection (On-Coll) facility.
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