DBP, MCC set up e-payment scheme for property taxes

MANILA, Philippines — State-run Development Bank of the Philippines (DBP) has partnered with the Metrobank Card Corp. (MCC) to establish an electronic payment system for the collection of real property taxes in Taguig and Valenzuela City.

In a statement, DBP president and chief executive officer Cecilia Borromeo said the bank, in partnership with MCC, is set to implement a Real Property Tax (RPT) Payment program.

Borromeo said the program aims to encourage responsible citizenship, while providing local government units with a more efficient way of collecting real property taxes.

 “Residents of Taguig City and Valenzuela City may opt to pay either in cash or using their Metrobank cards to settle their real property taxes on installment basis via the DBP point-of-sale terminals deployed in the said LGUs,” Borromeo said.

Borromeo said MCC is also offering its cardholders a balance conversion facility, which would convert real property tax payments into monthly installments, providing “a more affordable, convenient and desirable option for the taxpaying public.”

According to the DBP chief, this initiative is part of the bank’s efforts to help build a financial payments infrastructure in the public sector.

 “DBP is aiming to become known as the ‘Digital Bank of the Philippines’ in terms of providing seamless and innovative banking and payment solutions to the Filipino public,” she said.

MCC was established in August 1985 and was then known as Unibancard Corp. In 2003, Metrobank entered into a joint venture agreement with Australia and New Zealand Banking Group Ltd. through ANZ Funds Pty Ltd. for the operation of the credit card  business of MCC.

The Ty-led bank controlled MCC with a 60 percent stake, while ANZ owned the remaining 40 percent.

Earlier this year, Metrobank completed the buyout of the remaining shares of ANZ Funds in MCC, bringing the bank’s ownership to 100 percent.

DBP, meanwhile, is the eighth largest bank in the Philippines, with total assets reaching P617.87 billion as of end-June.

The bank’s net income in the first half rose four percent to P2.76 billion due to the its aggressive lending activities, with a total loan portfolio of P250.59 billion.

Also contributing to its growth is the expansion of its deposit base to P431.65 billion from P344.4 billion the same period last year.