DepEd avails of LBP's ATM payroll facility
To help ensure the timely release of the monthly payroll of teachers, the Department of Education recently availed of the ATM payroll system of the Land Bank of the Philippines.
The memorandum of agreement was formally signed by Department of Education secretary Jesli Lapus and LBP president and CEO Gilda E. Pico together with DepEd undersecretary for finance and administration Teodosio Sangil, Jr., undersecretary for legal affairs Franklin Sunga, LBP agrarian and domestic banking sector head EVP Wilfredo Maldia and NCR branches group head SVP Nenita Veran at the DepEd office, Meralco Avenue, Pasig City.
The ATM payroll system will enable the automatic crediting of DepEd teachers' salaries to the teachers' individual ATM savings account. Teachers only need to maintain a minimum balance of P100 in their ATM savings account to keep it in active status. The project will initially benefit nearly 164,167 elementary and secondary schools teachers nationwide who will have fast and easy access to their accounts especially with LBP's extensive branch and ATM network.
Aside from its presence in all the provinces of the country, LANDBANK has a total of 733 ATMs as of end-August 2007. Teachers may also transact through nearly 7,200 Expressnet, Bancnet and Megalink ATMs nationwide to which LBP is interconnected.
"We hope that through this ATM Payroll System, LANDBANK may, in a way, help boost our educators' morale by ensuring that they will have a faster and safer access to their hard-earned money,"LANDBANK president and CEO Gilda E. Pico said during the simple signing ceremony.
Other features of the LANDBANK ATM card include the Express Payment System which will allow cardholders to do cashless shopping through more than 10,000 merchants all over the country. DepEd teachers may also enroll their accounts under LANDBANK's Phone Access so they can do banking transactions such as account balance, bills payment and fund transfer, among others.
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