The Home Development Mutual Fund, more popularly known as Pag-IBIG Fund, recently recognized BancNet as the top performer among its collection partners in terms of number of transactions and amount of collections for 2022. Last year, BancNet processed more than 1.15 million Pag-IBIG payment transactions worth nearly Php25 billion. These transactions are 21% more than the volume in 2021.
BancNet, the country’s largest electronic banking consortium, operates an online platform called e-Gov which is used by employers to conveniently pay the monthly contributions and amortizations of their employees to government agencies, including Pag-IBIG. It has been a collection partner of Pag-IBIG Fund for the past 10 years.
“Our partnership with Pag-IBIG is important because it completes our roster of key government agencies which our member banks need as part of their payroll services for their employer clients”, said BancNet CEO Elmarie S. Reyes.
As of the end of 2022, BancNet had 120 members consisting of banks, non-bank electronic money issuers, independent ATM deployers, and an affiliate switch network.
