2nd SAP payout set next week
CEBU, Philippines — The second tranche of cash assistance under the Social Amelioration Program (SAP) is expected to be distributed next week, according to the Department of Social Welfare and Development (DSWD).
“Distribution of digital payment is expected to start next week,” DSWD said in a statement.
The DSWD said it is now finalizing important details of the distribution process of the second tranche of SAP with the Land Bank of the Philippines (LBP) and the participating financial service providers (FSPs.)
The LBP will be the main depository bank and will be responsible for downloading funds to the FSPs.
DSWD said that engaging FSPs to 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.
The Bangko Sentral ng Pilipinas (BSP) provided technical assistance to DSWD in identifying the qualified FSPs that will undertake the digital payment.
At present, BSP has identified six FSPs that are compliant with the minimum qualification requirements for the engagement. These are GCash, RCBC, Robinsons Bank, PayMaya, Starpay, and Unionbank.
LBP will credit the program fund into the FSPs funding accounts maintained with its Batasan Branch or in other financial institutions based on the instruction and payroll documents provided by DSWD within 24 hours from receipt of payroll documents.
The FSPs, on one hand, will credit the emergency subsidies into the beneficiaries’ restricted nominated accounts within 24 hours upon receipt of the funds from LBP.
The DSWD reminded the beneficiaries that similar to the regular transaction for digital accounts, there will be a minimal amount of cash out fee of not more than P50 to be deducted from their subsidies, if they opt to withdraw from the partner-outlets of the FSPs. KQD (FREEMAN)