Landbank, 6 others unite for quick release of 2nd SAP aid
Beneficiaries of the Social Amelioration Program implemented by the Department of Social Welfare and Development will expect faster release of the second tranche of their cash subsidy.
The Landbank of the Philippines will be working with six financial service providers to administer the electronic payment and distribution of emergency subsidies to SAP beneficiaries.
The move is a result of a memorandum of agreement signed on June 30 at the DSWD central office in Quezon City by Sec. Rolando Joselito D. Bautista and Landbank President and Chief Executive Officer Cecilia C. Borromeo and representatives of the six financial service providers – G-Xchange, Inc. Vice President for Enterprise Business Group Jose Luis G. Reyes; PayMaya Philippines Inc. CEO Orlando B. Vea; Rizal Commercial Banking Corporation President and CEO Eugene S. Acevedo; Robinsons Bank Corporation President and CEO Elfren Antonio S. Sarte; Starpay Corporation President Lamberto Scarella; and Union Bank of the Philippines President and CEO Edwin R. Bautista.
The signing was witnessed by officials from the United States Agency for International Development.
Under the agreement, Landbank 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 DSWD within 24 hours.
Landbank will also credit the program fund in the financial service providers funding accounts maintained with the Landbank Batasan branch or in other financial institution 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 the Covid-19. We are confident that with six financial service providers on board for SAP 2, our efforts will be multiplied, resulting to a faster and more efficient delivery of much-needed subsidy to the beneficiaries,” Borromeo said.
The beneficiaries for SAP 2 are the beneficiaries of the first tranche that are still under enhanced community quarantine per Executive Order 112, s. 2020, and from a memorandum from the Office of the Executive Secretary dated May 2. These include the National Capital Region, Region 3 except Aurora, Region 4A, Benguet, Pangasinan, Iloilo, Cebu province, Bacolod, Davao City, Albay, and Zamboanga City.
On June 11, Landbank 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 beneficiaries under SAP 2. – Press release