With the government’s determination to boost cashless transactions being an important measure to avoid the spread of the COVID-19 virus,  RCBC (Rizal Commercial Banking Corp) heeds this call and continue to find ways to effectively facilitate the cashless transaction for its clients.

With the recent partnership made by RCBC with JustPayto (JustPayto Philippines Corp.) to ensure that the money transfer to RCBC accounts simpler, easier, and more accessible.

This partnership would pave the way for all RCBC account holders to accept any form of payment (credit/debit cards, online banking, Gcash, Paymaya, GrabPay over the counter,) through JustPayto’s proprietary system.

JustPayto is an online money transfer platform that offers a convenient way to send and receive money from anyone, anywhere. Instead of asking for bank account details, you may simply share your “Payment Address”.

Rizal Commercial Banking Corporation’s EVP and Chief Innovation & Inclusion Office, Lito Villanueva and JustPayto Philippines Corp Co-Founder and Managing Director, Pj Castro have signed an agreement to integrate RCBC processes to JustPayto’s platform.

“JustPayto will compliment RCBC since the system acts as a cash-in channel for RCBC” JustPayto Chairman Simon Gemayel said, referring to the way RCBC account holders can accept payments from several sources directly to their RCBC accounts.

JustPayto, licensed and regulated by the Bangko Sentral ng Pilipinas (BSP), aims to merge cash-based and cashless financial solutions to the banked, unbanked, and underbanked Filipinos.

Justpayto platform will also be utilized by Diskartech, the first and only Taglish financial super-app in the Philippines powered by RCBC. Diskartech caters especially to the unbanked and underserved sectors which is about 70% of the population. Aside from being a digital payment tool it could also be used for business by “Negosyantechs”, is a coined word referring to an entrepreneur who embraces technology.

They can use DiskarTech to provide the “paki-suyo” services referring to a Filipino culture of requesting another person to do a favor on one’s behalf. These services include bill payment, prepaid smartphone loading, money transfers, insurance, telemedicine and more. The Negosyantech provides the services on one’s behalf for a fee. The partnership with JustPayto would greatly enhance the cashless transaction capabilities of Diskartech.

Diskartech could also serve as a savings account offering 3.25% interest per annum.  To make it more enticing to the masses the digital bank does not require a maintaining balance.

“The Diskartech inclusion super app has a “life-changing impact” in easing the financial burden of the Filipinos, especially during the Covid-19 pandemic. This partnership with JustPayto is a great boost to our commitment to financial inclusion, especially, to the masses, said Lito Villanueva, RCBC Executive Vice President and Chief Innovation and Inclusion Officer.

However, Stefani Saño the rehabilitation receiver of HHIC-Phil’s is not losing hope and still expects that they would be able to securing additional loans and resuscitate the operations.

According to the source of The Philippine Business and News, HHIC-Phil’s financial obligation has reached more than P48 billion as of Feb. 1 not just from the banks but also from suppliers and other service providers.

Saño also disclosed that apart from the financial obligations from the above mentioned creditor, there are two more companies that filed claims and there are many more but the exact amount of their claims remained unestablished.

“HHIC-Phil’s has an on-going negotiations with creditor-banks and hopes to securing additional loans to be used for the completion of four more ships which will generate cash flow and payment to Hanjin’s obligations,” Saño added.

Meanwhile Pocholo Poso, HHIC-Phil’s in-house legal counsel said, “Whether or not the vessel will be constructed, we’re still undergoing negotiations with banks.”

On the part of the, HHIC-Phil’s bank creditors, they have pushed for the appointment of their own nominee, a certified lawyer, to be the rehabilitation receiver.

Here are the 5 bank creditors of HHIC-Phil,Metrobank at $38 million $70 million, Rizal Commercial Banking Corp. at $145 million; Land Bank of the Philippines, reported at $85 million; BDO Unibank, Inc. at $60 million; and the Bank of the Philippine Islands at $52 million.

See related stories:

Hanjin Philippines biggest investor in Subic faces financial problem, seeks rehabilitation
https://thephilbiznews.com/2019/01/10/hanjin-philippines-biggest-investor-in-subic-faces-financial-problem-seeks-rehabilitation/

PH government explores possible investors to help Hanjin from financial woes
https://thephilbiznews.com/2019/01/13/ph-government-explores-possible-investors-to-help-hanjin-from-financial-woes/