Filtered By: Money

6 financial firms tapped to digitize distribution of 2nd tranche of cash aid

The Department of Social Welfare and Development (DSWD) and Land Bank of the Philippines have tapped six financial service providers to fast-track the release of the second tranche of Social Amelioration Program (SAP) through digital payments scheme.

This, after, the DSWD and Landbank signed a memorandum of agreement on June 30 with Starypay Corp., G-Xchange Inc., PayMaya Philippines Inc., Rizal Commercial Banking Corp., Robinsons Bank Corp., and Union Bank of the Philippines.

The signing was witnessed by officials from the United States Agency for International Development (USAID).

Under the signed “Multilateral Agreement for the Electronic Payment of SAP Subsidies,” Landbank will be working with the six financial service providers to administer the electronic payment and distribution of emergency subsidies to entitled SAP beneficiaries.

The state-owned lender will facilitate and execute the crediting of the emergency subsidy of the beneficiaries into their respective nominated account in other financial institutions via electronic fund transfer using PESONet and Instapay based on instruction and payroll documents provided by the DSWD within 24 hours.

Landbank will also credit the program fund in the financial service providers’ funding accounts maintained with the bank’s Batasan Branch or in other financial institutions based on the instruction and payroll documents provided by DWSD within 24 hours from receipt of payroll documents.

“Our partnership marks a significant step towards facilitating the immediate, efficient, and secure delivery of emergency subsidy to disadvantaged individuals, families, and communities who are struggling with the challenges posed by COVID-19,” Landbank president and CEO Cecilla Borromeo said.

“We are confident that with six financial service providers on board for SAP 2, our efforts will be multiplied, resulting in a faster and more efficient delivery of much-needed subsidy to the beneficiaries,” she added.

The qualified beneficiaries for SAP’s second tranche are the family-beneficiaries of the first tranche that are under enhanced community quarantine (ECQ) as of May per Executive Order No. 112, series of 2020, and a Memorandum from the Office of the Executive Secretary dated May 2.

These include the National Capital Region (NCR); Region III, except Aurora; Region IV-A; Benguet; Pangasinan; Iloilo; Cebu Province; Bacolod; Davao City; Albay Province; and Zamboanga City.

As of June 11, Landbank said it has already completed the payout for the second wave of cash assistance worth P6.74 billion to the Landbank cash cards of 1.3 million Pantawid Pamilyang Pilipino Program (4Ps) beneficiaries under SAP second tranche. --Ted Cordero/KBK, GMA News