THE Insurance Commission (IC) is set to implement an electronic payment program in partnership with Land Bank of the Philippines (LANDBANK).
In a statement sent to reporters yesterday, the IC said it signed a memorandum of agreement with LANDBANK, enabling the commission to use the state-owned lender’s electronic payment platform LANDBANK Link.BizPortal.
Through LANDBANK’s payment platform, clients of the IC will be allowed to remit payment of fees online.
The platform will allow the public to pay transaction fees using credit, debit and automated teller machine cards issued by BancNet and through other accredited payment channels.
“This online payment system project of the Insurance Commission is aimed at making transactions faster, safer and convenient to those who are transacting with us,” Insurance Commissioner Dennis B. Funa was quoted as saying in the statement.
The e-payment facility will initially be rolled out for customers who intend to take the Insurance Agent’s Qualifying Examination, and will soon be available for other transaction fees assessed and collected by the IC.
A minimal transaction fee from P10 to P30 will be charged by LANDBANK.
Initially, the LANDBANK e-payment portal may be accessed online 24/7 through its Web site. Once the system is fully implemented, the online platform will become available in the Web site of the IC.
“Compared to the traditional and over-the-counter payment process, transaction entered through the online payment system have distinct advantages, not only to our clients but to the government as well,” Mr. Funa added, noting that the online payment platform will increase the efficiency of remittance of funds to the Bureau of the Treasury.
The state-owned lender launched the LANDBANK Link.BiPortal in 2017 with the Bureau of Internal Revenue as its pilot client for tax payment.
“The implementation of this e-payment is another milestone in line with the thrust of the government to promote ease of doing business and making transactions faster and more convenient to the public,” said Mr. Funa. — Karl Angelo N. Vidal