MANILA -- In an effort to consolidate an online system to facilitate payment and other financial transactions utilizing electronic platforms, the Philippine Navy (PN) has signed a Memorandum of Agreement with the Land Bank of the Philippines (LBP) during a virtual signing ceremony held simultaneously at the PN headquarters in Manila and the LBP Fort Bonifacio branch in Taguig on March 9, 2022.

The event was led by Flag Officer in Command (FOIC), Vice Adm. Adeluis Bordado, and LBP Fort Bonifacio Branch Manager, Irene Pascual, where they signed the MOA signifying the approval of the implementation of the PN Online Collection of Payment System (PNOCPS).

The online system utilizes LBP’s e-payment facility, Link.BizPortal, which manages payment transactions via the Internet from both the private and government institutions and sectors.

"We officially start the jump from conventional cash payments to a digital payment system," said Vice Adm. Bordado during his speech. "We want to thank the Land Bank of the Philippines for offering the electronic banking services to the [PN], particularly the Link.BizPortal."

"Once implemented, we will no longer waste time in long queues. There will no longer be manual collections of payments, thus we will be able to generate more reliable and accurate financial reports...this is not the end of our efforts in terms of upgrading our financial transactions. In fact, this is just the beginning," he went on to add.

"As we continue to follow social distancing requirements due to the pandemic, the Link.BizPortal effectively responds to the growing demand for safe and digital financial solutions," Pascual stated the benefits of the system's online nature in her address. "Through this partnership, your collection office will technically be open 24/7, providing an interactive service to your employees and personnel in the payment of rentals and other fees."

"Thank you once again for trusting and choosing Land Bank as your partner in this meaningful initiative. Rest assured that we will continue to develop and enhance our digital offerings to help extend a safer and more delightful bank experience to our clients."

The memorandum was initiated by the office of the Assistant Chief of Naval Staff for Financial Management (N10) through collaborative conversations with LBP. The implementation of PNOCPS by the PN was in response to Republic Act 8792, or the Electronic Commerce Act of 2000, in view of economic efficiency through the use of technologically-based financial transactions or e-commerce. (PN)