The Department of Social Welfare and Development said on Tuesday that the Financial service providers (FSPs) would be tapped to distribute the second tranche of the cash aid under the government’s Social Amelioration Program (SAP)
According to DSWD, they will sign a memorandum of agreement with six FSPs together with the Land Bank of the Philippines (LBP) on Tuesday to implement the digital disbursement of SAP for those severely affected by the lockdowns due to the COVID-19 pandemic.
“Engaging FSPs (that will) undertake digital electronic disbursement through restricted transactional accounts, like bank or e-money accounts, ensures that the cash subsidies will reach the beneficiaries in the most expedient and reliable manner while still complying with the existing health and safety protocols,” based on the statement released by the DSWD.
Meanwhile, the LBP will be responsible for distributing funds to participating FSPs through the instructions and payroll documents provided by the DSWD within 24 hours.
According to DSWD, the transfer of funds from FSPs to beneficiaries is also expected to be accomplished within 24 hours of receiving funds from LBP.
The BSP has identified six qualified FSPs to take on the disbursement program namely GCash, RCBC, Robinsons Bank, PayMaya, Starpay, and Unionbank.
The distribution of the Social Amelioration Program (SAP) second tranche of the cash aid is expected to start next week.
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