MANILA, Philippines - Manila North Tollways Corp. (MNTC), the tollways arm of infrastructure giant Metro Pacific Investments Corp. (MPIC), has tapped Maybank Philippines Inc. to streamline check preparation and releasing transactions.
Rodrigo Franco, president and chief executive officer of MNTC, said the check cutting service would make it more convenient for the company to settle its account with its supplies.
MNTC operates the 87-kilometer North Luzon expressway (NLEX) and has recently bagged the concession for the 94-kilometer Subic-Clark-Tarlac expressway (SCTEX) from the Bases Conversion and Development Authority (BCDA).
“The deal will enable MNTC to focus more on operating and maintaining the NLEX rather than doing the cutting and releasing of checks. It will also give more convenience to our suppliers due to Maybank’s accessible locations,” Franco said.
For his part, Maybank president and chief executive officer Herminio Famatigan Jr. said MNTC could use selected Maybank branches or all branches nationwide to release check payments under the check cutting services agreement.
“Through Maybank’s payment solution, the Check Cutting Service, MNTC will enjoy the convenience of outsourcing the preparation and releasing of their regular check payments to suppliers,” Famatigan said.
Maybank’s check cutting service is an outsourcing solution for corporate customers that handle the preparation and nationwide disbursement of voluminous check payments to their suppliers and payees.
The outsourcing solution automates clients the check and voucher preparation and enhances the client’s productivity while maintaining security, control and confidentiality of their financial transactions.
This service allows clients to remotely view the status of their check payments through Maybank’s Regional Cash Management platform, allowing fast and convenient check and account reconciliation.
“Through Maybank’s payment solution, MNTC will not only get on-time reports for faster and easier account reconciliation, but also reduce cost on its daily operations,” he added.
Maybank Philippines is a member of the Maybank Group, Malaysia’s regional financial services leader with an international network of over 2,200 offices in 20 countries including Malaysia, Singapore, Indonesia, PhilippinesBrunei Darussalam, Vietnam, Cambodia, Thailand, Papua New Guinea, Hong Kong SAR and People’s Republic of China, Bahrain, Uzbekistan, Myanmar, Pakistan, India, Saudi Arabia, Laos, Great Britain, and the US.