SEC taps Landbank for online payments

The Securities and Exchange Commission (SEC) has tapped state-run Land Bank of the Philippines (Landbank) as its depository and financial settlement bank for online payments.

In a statement over the weekend, Landbank vowed to ensure efficient collection and settlement of payments made by SEC clients through Paymaya. This will also include timely remittance of fees due to the Bureau of the Treasury (BTR).

“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 Cecilia C. Borromeo said.

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 Landbank's 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.

To formalize the partnership, the Memorandum of Agreement (MOA ) was virtually signed on November 18 by Borromeo, SEC Commissioner Kelvin Lester K. Lee, National Treasurer Rosalia V. De Leon, and Paymaya Philippines Inc. Founder and CEO Orlando B. Vea.

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.

In 2017, Landbank and SEC entered into an agreement to use Landbank's Electronic Payment Portal (EPP) to provide a convenient and secure means of processing payments for the SEC iview and other transactional fees.