The Land Bank of the Philippines has been designated as settlement bank for online transactions of the Department of Trade and Industry – Construction Industry Authority of the Philippines (DTI-CIAP).
Landbank will be working with DTI-CIAP, the Bureau of the Treasury (BTr), and PayMaya to ensure the efficient settlement of online payments made by DTI agency clients and timely remittance of payments to the National Treasury.
Under the agreement, Landbank will maintain a “BTr-CIAP-PayMaya Clearing Account” where all collections or payments accepted and deposited by PayMaya, as a collecting agent, will be credited via the weAccess facility of the bank. All funds credited to the clearing account are then automatically credited to the BTR at the end of the day during batch processing.
The arrangement forms part of the Memorandum of Agreement (MOA) signed by DTI secretary and CIAP board chairman Ramon M. Lopez, National Treasurer Rosalia V. de Leon, Landbank president and CEO Cecilia C. Borromeo, and PayMaya founder and CEO Orlando B. Vea on Friday, August 7.
“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,” Borromeo said.
In 2018, Landbank and CIAP entered into an agreement for the utilization of the Landbank Link.BizPortal, which offers CIAP clients such as PCAB contractors, an alternative way to pay license and registration fees as well as other charges.
As of June 2020, Link.BizPortal has facilitated a total of 2,682 transactions for CIAP amounting to P15.32 million.