A universal bank has launched a service that would help Philippine Economic Zone Authority (PEZA) locators in managing their payables to the agency.
In a statement, the Bank of the Philippine Islands said its Auto-Debit Arrangement or ADA facility eliminates tedious manual processes such as check preparations and queuing for payments and filing which involve a lot of risks and prone to human errors.
“BPI is the first bank to offer ADA for PEZA locators,” according to Bess Basa, BPI vice president and head of Transaction Banking Division.
Basa said the facility will be available initially in the Cavite ecozone, but it will open in Baguio and Mactan ecozones this year.
She said the PEZA locators only need to enroll once and their payments will be automatically debited every month.
“No more queuing in PEZA offices and no more check preparations each time which would mean less cash handling and no missing of deadlines and due dates,” she said.