STATE-RUN Land Bank of the Philippines (LANDBANK) has been tasked to serve as the settlement bank for online transactions of the Construction Industry Authority of the Philippines (CIAP), which is under the Trade department.
The bank said in a statement on Thursday that it signed an agreement with CIAP, the Bureau of the Treasury (BTr) and PayMaya Philippines, Inc. last week to set up a BTr-CIAP-PayMaya Clearing Account.
It said the partnership will improve the settlement of online payments from the agency’s clients and ensure the timely remittance of payments to the Treasury.
All payments accepted and deposited by PayMaya — which serves as the collecting agent — will go to the clearing account via the weAccess facility of LANDBANK.
The funds in the clearing account will be automatically credited to the other agency mother account of the BTr at the end of each batch processing day.
The memorandum of agreement was signed by Trade Secretary and CIAP Board Chairman Ramon M. Lopez, National Treasurer Rosalia V. De Leon, LANDBANK President and CEO Cecilia C. Borromeo and PayMaya Philippines Founder and CEO Orlando B. Vea.
“LANDBANK will ensure the efficient settlement of transactions and the remittance of payments to the National Treasury. Our expanded partnership represents another step towards our shared goal of providing convenient, reliable, and efficient payment options to our stakeholders,” Ms. Borromeo was quoted as saying.
CIAP in 2018 tapped LANDBANK’s Link.BizPortal to give its clients like contractors other options to pay their license and registration fees and other charges.
The facility has processed 2,682 transactions worth P15.32 million for the agency as of June. — BML