| DATE POSTED: FEBRUARY 3, 2022 |
The PCIC, through its Regional Office 12 (RO 12), has partnered with the LANDBANK for the use of the latter’s cash card in the release of indemnity to insured farmers and fisherfolk.
In the initial result of this partnership, about 100 among the insured in the SOCCSKSARGEN Region received their cash cards on 04 January 2022. The recipients were able to receive their claim payments by withdrawing them from the nearest LANDBANK automated teller machine or ATM.
The recipients expressed their appreciation for the convenience afforded by the financial facility which provided them an alternative to claiming check payments from PCIC offices. It saved them time and fare money.
In a related development, PCIC and LANDBANK have agreed to scale up the use of the cash card among PCIC’s clients nationwide. This was the side agreement made during the 24 November 2021 meeting of the Audit and Risk Management Committee of the PCIC Board. The committee is chaired by LANDBANK President Cecilia Borromeo.
During the ceremonial card distribution, PCIC RO 12 Manager Marissa Agudera pointed out that the cash card is not only an innovation that is apt to the changing financial environment marked by increasing application of technology, but also a timely response to the pandemic.
With the cash card, the PCIC can do away with on-site check distributions, avoiding crowds of hundreds of farmers gathering in a single venue. The card therefore reduces the threat of the coronavirus, and makes it easier to receive indemnity despite people movement restrictions in place.
Moreover, the cash card doesn’t require an opening deposit and maintaining balance, and has no dormancy period. Clients also don’t need to visit a Landbank branch and fill up a specimen signature card, according to the Landbank website.
In addition, the cash card provides access to the bank account 24 hours a day, 7 days a week, thru Landbank and BancNet ATM systems nationwide. Account holders can withdraw up to ₱50,000 a day. The card also serves as a debit card they can use to purchase in accredited merchants.
Around P469,000 was loaded to the 100 cash cards released in Region XII.
“Mas madali na ngayon kasi hindi na kami pipila sa PCIC para mag-follow up at mag-claim ng tseke. Pwede na kaming dumiretso sa ATM,” said farmer Ailyn R. Alentajan of Baguer, Libungan, Cotabato.
Landbank Midsayap Branch Manager Nora Alabat and bank employees assisted in the distribution. Also present were PCIC’s AFD Chief John Adrian M. Cornejo, CAD Chief Herman P. Parreñas MSD-OIC Victoria L. Portiza, and Teller II, Chucklord D. Serot.
The LANDBANK cash card is the second approach the PCIC has adopted to use financial technology in easing up transcations with farmers and fisherfolk. The first, piloted in Region VII and Region II, was the use of the Development Bank of the Philippines multi-channel disbursement facility, which enables release of funds through non-bank financial institutions, like MLhuillier.