Under a March 23 circular, all retirement, partial disability, total disability, and death or survivor pensioners must adhere in changing their disbursement accounts to PESONet (Philippine Electronic Fund Transfer System and Operations Network) participating banks by March 31 or else the scheduled release of their pension this May would be suspended on April 1, next month.
However, pensioners residing abroad, pensioners confined in an institution (penitentiary/correctional) and pensioners whose pensions were handled through the Special Pension System and Special Voucher are exempted.
“Existing procedures, 15-day float arrangements and crediting/withdrawal schedule for pension disbursements through non-PESONet participating banks under their memorandum of agreement with the SSS shall be stopped. For those receiving their pensions through checks, existing procedures and schedule shall also be stopped,” CEO Michael Regino said.
“Resumption of the suspended pension shall be upon the enrollment of the new disbursement accounts with PESONet participating banks or other checkless disbursement channels,” Circular 2022-007 read which was ratified by new SSS President and CEO Michael Regino.
Which means that in order for SSS pensioners to resume their suspended pensions, they must first enroll in PESONet banks or check-less disbursement channels.
Dated October 2020, SSS started the usage of PESONet participating banks, e-wallets and remittance transfer companies/cash payouts outlets as disbursement channels. Last year, October 2021, the pension fund has extended the deadline for pensioners to change their disbursement accounts to PESONet participating banks from October 30, 2021 (original cut-off date) to March 31 this year to give pensioners a longer time. The shift of non-PESONet accounts to PESONet participating banks is to ensure faster and more secure releasing manner of monthly pensions and in order to eliminate disbursement through checks.
PESONet refers to the Philippine Electronic Fund Transfer System and Operations Network, connecting banks under unified clearing and settlement rules to facilitate fund transfers from one payer account to one or more payee accounts maintained in different financial institutions supervised by the Bangko Sentral mg PilipinaS (BSP).
To know about the SSS PESONet participants banks as of December 2020, we have compiled the lists for you which you may refer below.
List of SSS PESOnet Participating Banks
Universal and Commercial Banks (U/KBs)
- Al-Amanah Islamic Investment Bank of the Philippines
- Asia United Bank Corporation
- Australia and New Zealand Banking Group Limited
- Bangkok Bank Public Co.
- Bank of America, NA Ltd.
- Bank of China Ltd. – Manila Branch
- Bank of Commerce
- Bank of the Philippine Islands
- BDO Unibank, Inc
- China Banking Corporation
- CIMB Bank Philippines, Inc.
- Citibank, NA.
- CTBC Bank (Philippines) Corporation
- Deutsche Bank AG
- Development Bank of the Philippines
- East West Banking Corporation
- Industrial Bank of Korea Manila Branch
- ING Bank, N.V
- JP Morgan Chase Bank, N.A.
- KEB Hana Bank – Manila Branch
- Land Bank of the Philippines
- Maybank Philippines, Inc.
- Mega International Commercial Bank Co, Ltd.
- Metropolitan Bank and Trust Company
- Mizuho Bank, Ltd. – Manila Branch
- MUFG Bank, Ltd.
- Philippine Bank of Communications
- Philippine National Bank
- Philippine Trust Company
- Philippine Veterans Bank
- Rizal Commercial Banking Corporation
- Robinsons Bank Corporation
- Security Bank Corporation
- Shinhan Bank Manila Branch
- Standard Chartered Bank
- Sumitomo Mitsui Banking Corporation – Manila Branch
- The Hongkong & Shanghai Banking Corporation
- Union Bank of the Philippines
- United Coconut Planters Bank
- United Overseas Bank Limited, Manila Branch
Thrift Banks (TBS)
- AllBank, Inc.
- Bank of Makati, Inc.
- China Bank Savings, Inc.
- Equicom Savings Bank, Inc.
- First Consolidated Bank, Inc.
- HSBC Savings Bank, Inc.
- Malayan Bank Savings and Mortgage Bank, Inc.
- Philippine Business Bank, Inc.
- Philippine Savings Bank
- Producers Savings Bank Corporation
- Sterling Bank of Asia, Inc.
- Wealth Development Bank Corporation
- Yuanta Savings Bank Philippines Inc.
Rural Banks (RBS)
- Bangko Mabuhay, Inc.
- Bank of Florida, Inc.
- BDO Network Bank, Inc.
- Camalig Bank, Inc
- Cebuana Lhuillier Rural Bank, Inc.
- Country Builders Bank, Inc.
- Dungganon Bank, Inc.
- East West Rural Bank, Inc.
- Innovative Rural Bank, Inc.
- Rang-Ay Bank, Inc.
- Rural Bank of Guinobatan, Inc.
Electronic Money Issuers (EMI) – Others
- DCPay Philippines, Inc.
- G-Xchange, Inc. (GXO)
- PayMaya Philippines, Inc.
Note: Again, as an SSS pensioner, if you don’t want your pension to be on hold, make sure that you have changed your disbursement account to PESONet participating banks which were provided above.
Read Also: How to Avail SSS Pension Loan Program
Source: HeadTopics, INQUIRER, NewstoGov