Two government-controlled financial institutions, Land Bank of the Philippines (Landbank) and Social Security System (SSS) are re-forging previous ties and making it stronger with a new partnership and dealings.

In a statement on Monday, Sept. 4, Landbank President and CEO Lynette V. Ortiz said the state-owned bank is again the payroll bank of SSS.

She said Landbank is “privileged to service the payroll requirements of SSS and make banking more convenient for their employees through our extensive network nationwide.”

Landbank facilitates the payroll of more than two million government employees. SSS by itself, has 6,300 employees. The bank ensures the “timely and efficient disbursement” of its payroll which started on Sept. 1.

Ortiz and SSS President and CEO Rolando L. Macasaet signed the Service Level Agreement (SLA) last Aug. 23. The agreement gives Landbank the direct crediting of salary, allowances, bonuses, and provident fund and loan proceeds to the accounts of SSS employees.

Landbank said SSS employees can transact and withdraw cash from its 606 branches and branch-lite units, as well as 2,941 ATMs and 2,699 ATMs of 7-Eleven convenience stores in selected areas in the country.

SSS workers can also do fund transfers and bills payment transactions online using Landbank’s Mobile Banking App and Link.BizPortal, its web-based payment channel.

Landbank said that they also signed a memorandum of understanding (MOU) with SSS for the efficient collection of voluntary SSS contributions from the bank’s employees. This allows Landbank to automatically deduct monthly SSS payments from the payroll of bank personnel who opted for voluntary contribution, and directly remit to SSS.

Last year, Landbank and SSS also signed a memorandum of agreement (MOA) for the disbursement and payment collection for SSS members, employers, pensioners, and claimants.

Since June 2022, SSS has been utilizing Landbank’s Bulk Credit System (LBCS) and the Link.BizPortal digital platforms for the delivery of social assistance to local and overseas Filipino workers and their beneficiaries.

Basically, Landbank facilitates the electronic bulk disbursements of retirement funds, benefits, and investments to qualified SSS payees through the LBCS. This will be coursed via PESONet, InstaPay, or the Landbank Crediting Facility for the timely crediting of SSS pay-outs.

The Landbnak Link.BizPortal is a web-based payment channel that allows clients to pay for products and services online to over 870 private and government partner merchants nationwide.

At the moment, there are 550 national government agencies supported by the Landbank Link.BizPortal. These include the Philippine National Police, Bureau of Internal Revenue, Department of Health, Department of Labor and Employment, Department of Science and Technology, and the Department of Trade and Industry, among others.