Metrobank named SSS depository

Metrobank, the country’s largest bank, has been designated as depository of Social Security System (SSS) funds by the Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP).

This follows the MB’s approval of the request of the SSS for the Board to designate certain private banks as its depository banks, allowing them to accept deposits from the SSS.

Under the terms of approval, Metro-bank may accept deposits from SSS beyond its minimum working balance provided that total deposits shall not exceed the sum of such minimum working balance and outstanding loan obligations of SSS with the bank. The deposit will be subject to the required 50-percent liquidity floor as stated in the manual of regulations for banks.

The aggregate amount of government funds which Metrobank can hold at any given time must not exceed 200 percent of the bank’s net worth, which is P47.87 billion as of Sept. 21, 2001.

Government entities like the SSS are mandated by the BSP to deposit their funds only in government financial institutions (GFIs) except in areas where there is no government bank and in the case of the latter, limited to an amount just enough to cover their day-to-day operations.

Through its broad network of branches, Metrobank has been collecting payments for the SSS for many years as a public service.

It was awarded by the SSS in 1999 and 2000 as the "Best Collecting Commercial Bank" for its overall performance as a collecting agent and as the best among 34 accredited domestic commercial banks.

Metrobank has P468-billion in consolidated total resources as of September this year. It has over 825 branches, offices, and subsidiaries here and abroad.