Efforts to ease doing business for construction firms stepped up

More and more financial institutions—including commercial banks, rural banks and cooperatives—have joined efforts to ease the process of doing business for construction firms through online payments.

According to the Department of Trade and Industry, 16 BancNet member-banks have been accepted for electronic payments with Landbank of the Philippines.

These include Asia United Bank, BPI Direct BanKo, CTBC Bank, Citystate Savings Bank, Development Bank of the Philippines, Enterprise Bank, Entrepreneur Bank, Equicom Savings Bank, MASS SPECC Cooperative Development Center, Malayan Bank, PBCom, Phil Postal Savings Bank, Philtrust Bank, Sterling Bank of Asia, Sun Savings Bank, and Tianong Rural Bank.

In February, the DTI and Landbank entered into a memorandum of agreement to provide fast and efficient alternative payment collection services to clients of the DTI-Construction Industry Authority of the Philippines such as firms registered with the Philippine Contractors Accreditation Board (PCAB).

The DTI said that since the end of last April, contractors could directly transact with the Landbank Payment gateway for online payment of CIAP-PCAB, such as transactions on fees and charges related to licensing and registration application.

“The Landbank Link.BizPortal is an alternative channel that offers a safer and more convenient means to pay government fees anytime, anywhere,” the DTI said in a statement.

“It will allow contractors to pay licensing and registration fees and charges assessed by CIAP-PCAB online or manually,” it added.

If payments are made through BancNet member banks, the fee is P20 per transaction.

In comparison, the charge is P10 per transaction if payments are made directly through Landbank.

If made through Globe GCash, the fee is P20 per transaction of less than P1,000 in value, and P30 per transaction valued at P1,000 and more.