SINCE the extended community quarantine was implemented in Luzon to curb the spread of the COVID-19 pandemic, banks have been serving their customers in new ways, with other financial services companies finding other avenues to serve those whose movements have been restricted.
The number of open branches is reduced, banking hours are shortened, and skeletal force is in effect where possible. While the objective is to keep serving the urgent banking needs of clients, the adjustments in operations aim to protect the health and safety of both the customers and the front liners.
Private groups link for faster subsidy delivery
Private companies join hands in support of the government’s social amelioration program to Filipinos severely affected by the COVID-19 enhanced community quarantine(ECQ) through the promotion of alternative encashment facilities nationwide.
An operational plan has been formed among groups of rural banks, cooperatives, and microfinance institutions non-government organizations, and a payment collection company to provide an alternative option to quickly disburse government’s over P200 billion emergency subsidy to over 18 million families through RCBC’s pocket and mobile automated teller machine (ATM) known as ATM Go. The collaboration is called Damayang Sambayanihan: Hatid-Ayudasa Kababayan.
Signatories of the memorandum of understanding were Rural Bankers Association of the Philippines (RBAP), MASS-SPECC Cooperative Development Center (MASS-SPECC), National Confederation of Cooperatives (NATCCO), CIS Bayad Center, Inc., and RCBC.
The combined branch network and customer touchpoints of these partners exceeds 8,000 throughout the country.
ATM Go is among RCBC’s digital facilities capable of accepting Bancnet debit and prepaid cards issued by any financial institution supervised by the Bangko Sentral ng Pilipinas.
This service may be used for cash withdrawal, balance inquiry, funds transfer, bills payment, and e-loading transactions.
“We heed the call of President Duterte for the private sector to complement government’s effort in containing the pandemic and providing relief to those severely affected. This is one of RCBC’s contributions as a member of the larger Philippine society,” RCBC President and CEO Eugene Acevedo said.
“RBAP is ready to utilize its massive rural bank network of over 2,700 branches nationwide to handle the countryside pump-priming needed to address this global pandemic and local quarantine,” RBAP president Roberto Abello said.
With the limited mobility of Filipinos due to the enforcement of the ECQ and partial operation of banks and other financial intermediaries, the use of digital channels and other electronic means such as ATM Go will bridge the gap towards access to government aide.
“Cooperatives, with its presence in the rural areas, join the bigger community in the use of digital channels to reach out to more people in these trying times,” NATCCO chief executive officer Sylvia Paraguya said.
On top of existing 1,250 RCBC ATM Go terminals currently in use nationwide, additional 2,000 units will be deployed that can be utilized by all these partners,bringing the service to various barangay in the country.
“This is our collective action in solidarity with the nation in crisis. These rural banks, cooperatives and microfinance institutions, and even sari-sari stores are the ones closest to the poor and marginalized in the country,” RCBC executive vice president and chief innovation and inclusion officer Lito Villanueva.
RCBC has been running the ATM Go service for the past two years, enabling rural banks, sari-sari stores, cooperatives, microfinance institutions, pawnshops, and lending agencies the ability to provide the remote ATM services as a last mile approach.
Alternative ways for clients to bank during quarantine
In this unprecedented situation, customers’ understanding and openness to adapt to the “new normal” is valuable. BDOUnibank is offering alternatives to branch banking, from promoting its online and mobile banking services to keeping its other channels available. This way, even if the branch near them is not available or handling heavier than usual transactions, their banking activity will not be hampered.
BDO encourages its clients to bank from home via its online and mobile banking services. Using its digital channels, clients can pay bills, send money, load up their prepaid mobile phones, and check account balances.
To sign up for online banking, visit www.bdo.com.ph, click on “Online Banking Login,” then “Enroll Now!” on the login box. After filling out the forms, expect an ATM activation code. Use this code to confirm enrollment at the nearest BDO ATM.
Clients with an activated online account can enjoy the ease and convenience of banking using their mobile devices. They can download the BDO Mobile App and access its features using their registered username and password. A One-Time PIN (OTP) will be sent via SMS to add their device for further security.
BDO reminds its clients to never give away their personal information to anyone when banking online. Personal information consists of bank account numbers, usernames, passwords, and One-Time PINs (OTPs).The bank will never ask for this information.
“Over the past few days we have taken steps to ensure, as best we can, continued and uninterrupted service you have grown accustomed to. Given the enhanced quarantine procedures and the limited transportation available, we have taken steps to ensure continuity of service and ease of adjustment on your part during this difficult period,” the bank said in a statement.
DBP offers assistance to expand healthcare facilities in the country
State-run Development Bank of the Philippines (DBP) has offered to provide financing to public and private healthcare institutions and boost the overall capacity of the healthcare system in the country, a top official said.
DBP President and Chief Executive Officer Emmanuel Herbosa said the bank’s initiatives under its Strategic Healthcare Investments for Enhanced Lending & Development (SHIELD) program would be beneficial to companies and local government units seeking to enhance accessibility to health care services especially to low-income groups in underserved communities.
“DBP is prepared to fill in the need to develop new health care facilities in the country and improve overall preparedness of the nation especially during outbreaks and national public health emergencies” Herbosa said.
Based on government data, there are approximately more than 1,400 hospitals in the country with about 32 percent or around 463 government-run. Out of the total number, about 58 percent are located in Luzon, 17 percent in the Visayas, and 19 percent in Mindanao.
DBP SHIELD is a specially designed program that provides funding support to hospitals, laboratories, diagnostic centers, clinics, and primary care providers including pharmacies, family physician clinics, and the like that need to develop or construct and acquire health care facilities and equipment.
Herbosa said as of end January 2020, DBP SHIELD has lent out a total of P11.25-billion to 85 borrowers in various parts of the country.
He said the program has a longer repayment period of 15 years at prevailing rates and inclusive of a three-year grace period.
“Interested borrowers may coordinate with any of our 23 Lending Centers nationwide and/or access the DBP website at www.dbp.ph to get the program mechanics of DBP SHIELD,” Herbosa said.
FWD Insurance provides COVID-19 special coverage to existing policyholders
FWD Life Insurance Philippines (FWD Insurance), part of pan-Asian FWD Group, announced it will be providing additional benefits to eligible policyholders who are diagnosed with COVID-19.
The FWD COVID-19 Ready special coverage will be provided to FWD policyholders of individual plans (excluding FWD Peace, Set Ka Na, and Kandí¼í¼ plans — KanMend, KanLive, and KanGuard) issued and active before March 1, 2020. Under this special coverage, which will be in effect up to April 15, additional medical benefit of P100,000 will be provided to the policyholder upon diagnosis and within 48 hours after complete claim submission.
Should death occur due to COVID-19, an additional funeral benefit of P50,000 will be given to the beneficiary.
“FWD COVID-19 Ready is on top of our policyholders’ existing life insurance plans and riders and is meant to provide an extra level of protection amidst these uncertain times,” FWD Insurance President and Chief Executive Officer Li Hao Zhuang said.
In addition, FWD Insurance has approved an extension of insurance premium payment grace period to 90 days for customers with confirmed COVID-19 cases.
It has also extended insurance premium payment grace period to 60 days for all other customers; acceptance of all insurance benefit claims even beyond 30 days; and, acceptance of soft copies of all insurance claim documents.
Smart Padala delivers financial services to common folk
Near the border separating Bulacan and North Caloocan in the northern part of Metro Manila stands the small school supplies store and Smart Padala by PayMaya center of Dina de Leon, a typical establishment in the municipality’s urban center.
But as the entire Metro Manila was placed on an enhanced community quarantine by the government last March 15, her small remittance outlet quickly turned into a lifeline for many workers virtually trapped inside the nation’s capital.
“Our Smart Padala agents may not be medical frontliners, but they provide very critical services to Filipinos at this time and need and they deserve to be commended for it. As much of the country reels from the effects of the pandemic, many can rest assured that their friendly neighborhood Smart Padala center can continue to offer them assistance for their financial transactions, one way or another,” said Shailesh Baidwan, President of PayMaya. Smart Padala is the domestic remittance arm of PayMaya.
Because Smart Padala by PayMaya is largely a mobile remittance service that doesn’t rely on complicated equipment or systems, essential services such as money transfers and bills payments can continue to be delivered even in times of crisis.
With more than 28,000 centers nationwide, Smart Padala by PayMaya offers perhaps the largest digital financial footprint in the country today, covering even the remotest barangays not traditionally reached by banks or payment centers.
By transferring money from PayMaya to Smart Padala, which the recipients can claim at the outlets nearest them, sending monetary assistance and salary wages can be accomplished. This benefits majority of Filipinos who remain without bank accounts.
With provinces around the country implementing their own respective quarantines, services such as Smart Padala by PayMaya and its partner agents offer financial services to Filipinos not served by banks.
