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Thursday, September 22, 2005
Pag-ibig Fund 7 urges members to use electronic banking system with LBP
To keep up with technology and keep its members safe from robbers, the Pag-ibig Fund 7 is focusing on the promotion of its payroll credit system validation (Pacsval) facility.
Under Pacsval, Pag-ibig Fund can release loans directly to the Land Bank of the Philippines (LBP) automated teller machine (ATM) accounts of its members.
Pag-ibig Fund 7 assistant director Rio Teves said electronic bank transaction is not only convenient, it also prevents members from carrying large sums of money and attracting snatchers or holduppers.
Avail
Teves said Pag-ibig hopes to have at least 50 percent of its members avail of the facility this year.
As of June this year, Pag-ibig 7 has around 90,000 members from government agencies and 275,000 from private companies, he said in an interview.
Teves said that the facility was first implemented among government employees last April and is now available for members in the private sector.
He admitted, however, that LBP’s limited number of personnel and accessibility of the bank’s ATMs are a problem.
“Private employees, like those from Mactan Economic Zone, who are mostly involved in production have difficulties to find the time to open ATM accounts with LBP. The existing branches of LBP is not very accessible to them,” he said.
But he said the Pacsval’s limitations are only temporary.
“It is our thrust to take advantage of technology and use the electronic banking system. We have an agreement with Metrobank. If you have an existing account at Metrobank, you can use that to pay your housing loan, Pag-ibig multi-purpose loan or even monthly contributions,” he said.
But the arrangement is not yet available in the bank’s regional offices.
“We will soon implement that and expand more by including other private banks to participate,” he said.
Problem
During the forum yesterday with the Association of Government Information Officers 7 and Pag-ibig Fund 7 officials, the issue on ATMs that go offline was raised.
Teves pointed out that the LBP is a member of Expresslink and Megalink network of banks.
“There are 22 Megalink-member banks with close to 200 ATMs and there are four Expresslink-member banks with about 30 ATMs in the region (Central Visayas). So, members can do transactions with these banks (at P7 per transaction),” he said. (ALC)
(September 22, 2005 issue)
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