To expedite crediting of funds to government agencies, the Department of Budget & Management (DBM) and the Land Bank of the Philippines (LANDBANK) have recently joined hands in signing a Memorandum of Agreement (MOA) for the online release of Notice of Cash Allocation (NCA).
Budget Secretary Amenah F. Pangandaman and LANDBANK Banking Services Group First Vice President Reynaldo C. Capa signed the Memorandum of Agreement for the Online Release of NCAs in the Action Document Releasing System (ADRS) at the DBM Head Office in Manila to formalize the partnership.
Joining them during the MOA signing were Deputy Treasurer Eduardo Anthony G. Mariño III, Anti-Red Tape Authority Officer-in-Charge Ernesto V. Perez, as well as representatives from other partner banks.
Under the agreement, the DBM and LANDBANK will be working together to institutionalize the release of NCAs in digital format.
This will eliminate the unnecessary steps of printing, signing, routing and releasing printed documents, thereby making the funds available for the programs, activities, and projects of agencies in the most immediate time.
“LANDBANK is committed to playing our role in ensuring a more streamlined and efficient process in releasing NCAs. We will continue to find avenues for collaboration to promote the immediate delivery of efficient and meaningful public service,” said Cecilia C. Borromeo, President and CEO of LANDBANK.
The digital release of the NCAs is in line with the implementation of Republic Act No. 8792 or the “Electronic Commerce Act of 2000,” which aims to facilitate domestic and international transactions through the utilization of electronic mediums and technology to recognize the authenticity and reliability of electronic documents.
It is also in line with Republic Act No. 11032 or the “Ease of Doing Business and Efficient Government Service Delivery Act of 2018,” which aims to streamline current systems and procedures of government services. It is a landmark law under the Duterte administration which addresses priority number 3 of the government’s 0+10 Point Socio-economic Agenda.
LANDBANK has been doing its share in establishing a digital payment ecosystem, as part of promoting the Ease of Doing Business and efficient government service delivery.
From January to October this year, LANDBANK’s major digital banking platforms have facilitated a total of 123.3 million transactions amounting to P4.8 trillion, for 14% and 156% year-on-year growths in volume and value, respectively.
The Land Bank of the Philippines (LANDBANK) is a government financial institution that aims to strike a balance in fulfilling its social mandate of promoting countryside development while remaining financially viable. This dual function makes LANDBANK truly unique.