The Philippine Deposit Insurance Corp. (PDIC) has recently added LandBank’s Link.BizPortal digital payment facility to its array of available payment channels.
Using clients’ eligible source accounts such as LandBank or OFBank deposit account and/or corporate payment, e-wallet account and deposit accounts with other banks, the Link.BizPortal can now be tapped by clients of closed banks to pay for outstanding loans with closed banks, rental fees of leased closed bank assets, and purchase of closed bank’s assets.
Banks, on the other hand, may use the facility to settle selected obligations.
Additionally, suppliers and service providers may pay fees for bid documents through the Portal.
The Link.BizPortal may be accessed 24 hours a day, 7 days a week through this link: https://www.lbp-eservices.com/egps/portal/Merchants.jsp.
Prompt access to deposit insurance through the PDIC-LandBank Visa Debit Card Project
Landbank President and CEO Lynette V. Ortiz (3rd from left) and PDIC President Roberto B. Tan (2nd from left) lead the signing of IRR and Data Sharing Agreement for the issuance of Landbank VISA Debit Cards to deposit.
In a related development, PDIC and the Land Bank of the Philippines (LBP) have also partnered for the implementation of the PDIC-LandBank Visa Debit Card Project, which will provide depositors of closed banks an additional means to promptly access their deposit insurance payment from the PDIC.
The joint PDIC-LBP Project is in line with the government’s thrust to promote financial inclusion and more efficient public service delivery by optimizing digital technology.
To prepare for the full implementation of the project, PDIC President and CEO Roberto B. Tan and LBP President and CEO Lynette V. Ortiz signed the Implementing Rules and Regulations (IRR) and the Data Sharing Agreement last November 2023 at the PDIC office in Makati City.
Under the project, LBP shall issue its Visa Debit Card to eligible depositors who are covered by the outright payment of deposit insurance, or those who are no longer required to file deposit insurance claims.
These include individual depositors with valid deposit balances of PhP100,000 and below who have no outstanding loans with the closed bank and have complete mailing addresses in the bank records or have updated this information through the PDIC Mailing Address Update Form (MAUF).
The PDIC-LBP project also supports the government’s thrust for financial inclusion by enabling the affected depositors to remain banked and protected within the financial system through their LBP account opened through the LandBank Visa Debit Card.
PDIC and LBP have been partners for the prompt reimbursement of deposit insurance payments since 2001. Agreements under this partnership have undergone enhancements over the years to provide more secure and convenient payment options to depositors of closed banks.
The PDIC is the state deposit insurer mandated to protect depositors through deposit insurance of up to PhP500,000 per depositor, per bank. Banks ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas are placed under PDIC receivership, and their depositors are paid up to the maximum coverage.