THE UNITED Coconut Planters Bank (UCPB) has offered its digital platform to the Home Development Mutual Fund or Pag-IBIG Fund to help with electronic disbursements of loans and benefits to its 14 million members.
In a statement on Wednesday, the state-owned bank said the new UCPB Pag-IBIG e-Money card will provide members electronic access to cash loans, MP2 Savings dividends and other benefits from Pag-IBIG Fund.
UCPB and Pag-IBIG Fund recently signed a partnership agreement for this electronic disbursement service.
“We commit to deliver this electronic disbursement service in order to provide better service to Pag-IBIG Fund members and to provide everyone with a positive customer experience. This is in line with UCPB’s brand promise to deliver personal and proactive service to clients,” UCPB President and CEO Higinio O. Macadaeg, Jr. was quoted in the statement.
Pag-IBIG Fund CEO Acmad Rizaldy P. Moti said the e-Money card will provide the state-owned firm’s members with “faster, more secure and more convenient ways” to claim benefits.
In September 2018, UCPB also launched its Philippine Electronic Fund Transfer System and Operations Network (PESONet) service through its mobile banking application, allowing clients to transfer funds electronically.
PESONet was the first automated clearing house under the National Retail Payment System (NRPS) of the Bangko Sentral ng Pilipinas.
The central bank earlier developed the NRPS framework to push for a “cash-lite” economy which promotes electronic financial transactions to move away from cash and checks.
Its target was to raise digital payments to 20% of the total transactions by next year.
UCPB’s Mr. Macadaeg in July resigned from his post for “personal reasons.” His resignation will take effect once accepted by President Rodrigo R. Duterte.
Mr. Macadaeg was named UCPB president in 2016. — BML