Chinatrust aims to attract more SSS pensioners via Visa card

MANILA, Philippines - Chinatrust (Philippines) Commercial Bank Corp. (CCBC), a subsidiary of Taiwan-based Chinatrust Commercial Bank (CTCB), aims to attract more Social Security System (SSS) pensioners through its one-of-a-kind Cash Card Visa.

Brian Jasper Suarez, CCBC business manager for cash management and transaction banking, told The STAR that this is the only Visa card that caters to the SSS pensioners who are living overseas.

Since the bank started to offer the Chinatrust Cash Card Visa in 2007, there are about 13,000 to 14,000 SSS overseas pensioners who have availed the card.

The debit card can be used in withdrawing pension overseas. The monthly pension, which will be deposited to the said card, would be automatically converted to the currency of the country where the pensioner resides.

In September last year, SSS had endorsed the use of Chinatrust Visa card when LBC Development Bank, which used to service these overseas pensioners, was closed down by the central bank.

Applying for the debit card, Suarez said, is easy. Interested pensioner can just mail the accomplished Chinatrust enrollment form and DDR2 (Death, Disability, Retirement) form together with photocopies of their passports or any two valid IDs at least one with photo--to the Pension Processing Center of the SSS main office in Quezon City.

Suarez said they continue to gain momentum in attracting more SSS pensioners abroad as it does not require them to open an account and have a maintaining balance.

The card, he said, also has auto loading and text alert features.

Suarez said the pensioners could use the card anywhere worldwide on ATMs which carry the Visa logo.

CTCB is one of the 200 biggest banks in the world in terms of capital and the most awarded banking institution in Taiwan.

Aside from its 140 business offices in Taiwan, it has an overseas network consisting of offices in Japan, Hong Kong, India, Vietnam, Thailand, China, Indonesia, the United Kingdom, Canada, Singapore and the United States.

CCBC, on the other hand, was established in Sept. 1995 through the pioneering efforts of a group of prominent Filipino-Chinese entrepreneurs who formally incorporated Access Banking Corp.

In December of the same year, CTCB took a 40 percent stake in the bank and a month later, what was known as Access Bank was named CCBC.

In June 1999, the bank listed its shares at the Philippine Stock Exchange (PSE). But in early 2011, it decided to voluntarily delist its shares as it intends to pursue long-term growth opportunities as a fully private-owned entity.

In the Philippines, Chinatrust operates 24 branches at major business districts and economic zones.