COMMITMENTS AND UNDERTAKINGS. In order to attain the objectives of this Agreement, each Party hereby commits itself as follows: 1. Inform its registered employers that they may open a Current/Savings Account with no Average Daily Balance (ADB) requirement with LANDBANK where its remittances for PHILHEALTH shall be debited; 2. Inform all its registered employers that they may utilize the EPRS andLANDBANK Electronic Collection Facilityfor the remittance of contributions due to PHILHEALTH; 3. Provide LANDBANK with all the necessary data and information, as well as other pertinent technical requirements, specifications, procedures and facilities for the interface of the LANDBANK Electronic Collection Facility; 4. Open and maintain a Non-Interest Bearing Current Account with no ADB requirement with LANDBANK in order to implement the objectives of this Agreement; 5. Allow LANDBANK to put on hold for a period of fifteen (15) days on the daily collections remitted to the Non-Interest Bearing Current Account of PHILHEALTH; and 6. Accept and post all transactions and/or payments sent by LANDBANK in accordance with the terms and conditions set herein. 1. Handle the opening of Current/Savings Accounts with no Average Daily Balance (ADB) requirement for PHILHEALTH registered employers where remittances for PHILHEALTH shall be debited; 2. Interface the LANDBANK Electronic Collection Facility withPHILHEALTH’s system which shall allow PHILHEALTH to accept remittances of contributions from registered employers electronically; 3. Secure all the necessary approvals, permits, and clearances for the implementation of the project; 4. Accept, for and in behalf of PHILHEALTH, remittances of membership contributions from registered employers; 5. Provide PHILHEALTH an online viewing facility for proper monitoring of fund balances and collections; 6. Submit the Collection RF2 Files containing all the details of the remittances received by LANDBANK on behalf of PHILHEALTH to PHILHEALTH via Secure File Transfer Protocol (SFTP) or any other secured means on or before the agreed time of the following day; 7. Implement a hold period of fifteen (15) calendar days on the daily collections remitted to the Non-Interest Bearing Current Account of PHILHEALTH; and 8. Make funds withdrawable from the PHILHEALTHNon-Interest Bearing Current Account on the 16thday from the date of collection.Should this fall on a non-banking day, the funds shall be withdrawable on the next banking day.
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