The Development Bank of the Philippines (DBP) announced on Friday its recent partnership with Social Security System (SSS) in providing banking services to government agencies. DBP will SSS channel the agency’s collections, disbursements, and investments.
Here are three fast facts about SSS partnering with DBP.
1. DBP said the Memorandum of Agreements was signed by SSS President Emilio S. De Quiros and then DBP President & CEO Gil A. Buenaventura on April 19, 2016.
The state-run bank now provides Deposit Pick-up and other services to a total of 42 SSS teller branches nationwide. The bank said it will offer the same services to additional 20 SSS branches by the end of 2016. SSS has a total of 96 teller-branches.
2. DBP will also serve as SSS settlement bank for its regular monthly pension funding. The bank will also be channel of disbursement of SSS benefits to accredited disbursing banks.
These benefits for disbursements include the following:
- Sickness Claim
- Maternity and Employee’s Compensation (SMEC), and/or
- Death, Disability and Retirement Claim (DDR)
3. SSS approved the use of DBP’s electronic banking services. The partnership is set to expand further to enhance its service to its members.
These electronic banking services include Secure File Transfer Protocol (SFTP), BIR Electronic Filing and Payment System (BIR EFPS), and BancNet eGov Services. The state-run bank’s priority areas include infrastructure and logistics, social services, protection of the environment, as well as micro, small, and medium enterprises. As a development bank, the company is dedicated to supporting the national government’s key development programs.
The SSS, meanwhile, continue its efforts to partner with financial institutions to expand the offering of its services.
In May, SSS announced its partnership with 25 banks to provide the faster release of its cash benefits to SSS self-employed and voluntary members, non-working spouses, overseas Filipino workers and employee-members separated from employment.
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