State housing loan agency Pag-IBIG Fund and the government-run Development Bank of the Philippines (DBP) recently inked a partnership to use DBP’s electronic banking facility, internet payment gateway, and prepaid card for easier and faster payment and collection processes for the Fund.
“This is one of the innovations that support President Rodrigo Roa Duterte’s zero tolerance for corruption and the call of Pag-IBIG Board and Housing and Urban Development Coordinating Council (HUDCC) Chairman Eduardo D. del Rosario for corruption-free housing sector. Electronic processes get rid of systems that breed graft and corrupt practices—just what we need. Also, we want our members and stakeholders to experience ease and comfort in transacting with us,” Pag-IBIG’s Chief Executive Officer (CEO) Acmad Rizaldy Moti said.
Moti and DBP President and CEO Cecilia Borromeo recently signed memoranda of agreement (MOA) in the presence of Pag-IBIG and DBP officers, among them DBP Board Chairman and former Sen. Alberto G. Romulo. DBP’s Anthony T. Robles, executive vice president and head of branch banking sector, and Pag-IBIG’s Florentino E. España Jr., senior vice president for the financial services sector, signed as witnesses.
The three MOA provide for electronic banking facility, which includes internet payment gateway for the collection of Membership Savings and loan amortizations using any BancNet ATM/Debit and Prepaid cards and VISA/MasterCard credit cards; DBP Prepaid Card for crediting of multi-purpose loan, calamity loan, and claim proceeds; and the checkless disbursement solutions where the DBP account of the payee such as developers and suppliers, is automatically credited and debit the account of Pag-IBIG Fund.
Moti said DBP offers products that are tailor-made to the requirements of Pag-IBIG.
“DBP is certainly on its way to becoming a digital bank. We will explore other partnership initiatives as we resolve to do more in the name of public service, to offer Pag-IBIG Fund’s brand of public service—Lingkod Pag-IBIG,” Moti said.