NextGen Day

Companies in the city will have their business taxes reduced by 2.5 percent if they offer an online method of payment for goods and services.

Vice Mayor Faustino Olowan stated in a message on Wednesday that “Ordinance 71-2022 includes all public market vendors, all stores and commercial facilities, including, but not limited to, sari-sari stores, ambulant vendors and hawkers, and all public transit groups.”

“All business owners who shall provide QR PH (quick response Philippines) as an alternative mode of payment will be granted incentives, such as the 2.5 percent discount which shall be applied on their business taxes on the first year of adoption,” according to the ordinance passed on November 28, 2022.

This is in support of the national government’s Paleng-QR program, which aims to simplify transactions and give the general people access to a cashless way of payment.

Olowan urged local public transit service providers as well as business establishments to implement the QR PH digital payments, which are in line with the Paleng-QR PH initiative and the Bangko Sentral ng Pilipinas’ financial inclusion program.

The Data Privacy Act, Republic Act 10173, and the ordinance both require transaction secrecy.

Payments are fundamental financial transactions, according to the ordinance. As was shown at the height of the coronavirus disease 2019 (Covid-19) pandemic, the digitalization of payments successfully enabled the continuation of commercial and governmental transactions despite mobility restrictions.

Additionally, it made it possible for public and private organizations to offer the most vulnerable parts of society lifelines of help by using digital payments.

On August 14, 2022, the city hosted the Paleng-trial QR’s launch, during which the FSPs provided onboarding services to interested vendors and merchants at the city market.

Noel Malimbane, director of the BSP Northern Luzon, previously stated that Baguio City is one of the local governments promoting the use of the Paleng-QR by pushing businesses to offer an alternate method of payment for products and services, such as the usage of online payment.

A person who has a bank account, according to him, can safely save money as well as send and receive money to and from anyone for things like getting wages and cash assistance, collecting payments from clients, and paying taxes, bills, and expenditures.

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