MANILA - The Social Security System said it would credit the first batch of November pensions on Oct. 30, Friday via its new disbursement method using the Philippine Electronic Fund Transfer System and Operations Network (PESONet) and other "checkless" channels.
Covered by the first batch are pensioners whose date of contingency is from the first to the 15th day of the month and are receiving their monthly pensions through PESONet participating banks, e-wallets such as PayMaya, the Development Bank of the Philippines (DBP) accredited Remittance Transfer Company (RTC)/Cash Payout Outlet (CPO) and M Lhuillier, said SSS president and CEO Aurora Ignacio.
"For November 2020, given that its first day is a weekend and a declared holiday, we have completed the funding of the first batch of pensions for November 2020 yesterday, October 29. Upon receipt of the funds, our government partner bank – DBP will release them to other PESONet participating banks, e-wallets, and M Lhuillier before 12 noon today," Ignacio said.
"These PESONet participating banks, e-wallets, and RTC/CPO are expected to make the fund available to pensioners starting this afternoon," she added.
The state-run pension fund said the first batch covers over 1.46 million pensioners with combined pensions for the month reaching over P6.22 billion.
Ignacio said the new pension crediting schedule for PESONet participating banks and other checkless disbursement channels is aligned with SSS Circular No. 2020-024, which was implemented starting October 2020.
There are 2 batches for the new disbursement method every month, the SSS said. The second batch will be on the 16th day of the pension month, which covers pensioners whose date of contingency is from the 16th to the last day of the month.
Pensioners still receiving pensions through non-PESONet banks or checks will continue to do so until further notice, the SSS said.
PESONet and InstaPay are two online fund transfer features under the Bangko Sentral ng Pilipinas' National Retail Payment System which aims to raise digital transactions in the country.