RCBC and SSS signs agreement to be partnered making every SSS member to become part of financial system.
SSS president Michael Regino and RCBC president/CEO Eugene Acevedo signs agreement authorizing RCBC to release UMID pay cards. These card will allow members to withdraw and be the default disbursement account for SSS benefits.
Aside from being a valid government issued ID it will become an ATM card to transact in any ATM’s nationwide. Plus, it is not required to have a maintaining balance as RCBC chosen and linked savings account.
“We are looking forward to a meaningful partnership with RCBC as SSS moves toward the financial inclusion of our members, especially those from the agricultural and fishing sector of our society as well as all workers in the informal economy. We are hoping that with this union which is only IDs will already have their UMID pay cards,” Regino cited.
Generally, most Filipinos do not have a bank account because they lack identification requirements such as a valid ID or enough money to open a bank account, the SSS said.
SSS and RCBC also signed confidentiality and non-disclosure agreement to protect the biometrics and personal data of SSS member who are going to use UMID pay cards.