SEC Enhances Partnership With LandBank

The Securities and Exchange Commission (SEC) enhances its partnership with the Land Bank of the Philippines (LANDBANK) to offer an additional payment option to the public.

The Commission signed an amended Memorandum of Agreement (MOA) with LANDBANK to allow the transaction of SEC-related payments through LANDBANK’s Online Collection (OnColl) facility.

Before, the public could pay SEC-related transaction fees in selected branches only. Through the agency’s enrollment in the LANDBANK OnColl facility, payments for transactions with SEC are now available in all 609 LANDBANK branches nationwide.

Around 2,000 transactions with the SEC are processed through the LANDBANK OnColl facility every month. These include applications for company registration, verification and reservation of corporate names, and other transaction services where Payment Assessment Forms are issued.

“Through this MOA, the Online Collection Facility will help ease our effort in transitioning from over-the-counter transactions to online payments. This will significantly reduce the tiresome process of manually reviewing the deposit slips from the generated collections,” SEC Commissioner Mcjill Bryant T. Fernandez said during the signing ceremony.

“Additionally, it will provide real-time and accurate reporting and monitoring made through online collections that will further strengthen our mandate towards transparency, accountability, and good governance,” he added.

Moreover, the SEC and LANDBANK are planning to upgrade current processes, such as using LANDBANK’s online payment channel Link.BizPortal, to improve digital and contactless payment options.

“LANDBANK fully supports the digitalization journey of the SEC to respond to the evolving needs of its customers. Our renewed partnership furthers the ease of doing business with the Commission through the delivery of convenient services,” said LANDBANK President and CEO Cecilia C. Borromeo.

Source: Manila Bulletin