Governor Benjamin Diokno of the Bangko Sentral ng Pilipinas (BSP) has emphasized the need of…
LGUs are urged by a BSP official to promote the Paleng-QR PH Plus program.
Tuesday, a high-ranking BSP official urged all local governments (LGUs) in the nation to embrace the “Paleng-QR PH Plus” initiative in order to promote a fully cashless payment system in markets and smaller transportation utilities.
The future of the Filipino people, according to BSP Deputy Governor Bernadette Romulo-Puyat, is cashless transactions in market stalls, small businesses, tricycles, and jeepneys.
“We are pushing for Paleng-QR PH Plus adoption in all LGUs. We want everyone to go cashless because we can see the benefits of it, Puyat stated during the 2022 Outstanding BSP Stakeholders Recognition Ceremony, which was held in the Grand Ballroom of the Sheraton Hotel in Lapu-Lapu City.
Becoming cashless, according to Puyat, will also encourage market sellers, TODAs (associations of tricycle operators and drivers), and other smaller business owners to get bank accounts.
So that’s what we really want, she added, “because it’s faster especially when you have a bank account; this is what we call a deposit account.”
On February 17, Puyat and Mayor Junard Chan oversaw the program’s start in this ancient city. The municipal government and the BSP collaborated to promote the use of rapid response (QR) codes in cashless transactions in the city’s marketplaces and transportation hubs.
Although she noted the “eagerness of the Cebuanos to embrace this new mode of payment,” she claimed that Lapu-Lapu City is the first to approve an ordinance to implement a cashless payment system.
Nonetheless, this city followed Baguio, Davao, Tagbilaran, and Naga as the sixth Philippine city to introduce the program.
Vico Sotto, the mayor of Pasig City, is also interested in adopting Paleng-QR, according to Puyat.
She stated that the cities of Cebu, Mandaue, and Naga (in the province of Cebu) will soon enact their own versions of the legislation that will implement the QR system for using public transportation and purchasing items.
In order to facilitate and reduce the cost of payment transactions, the initiative assists vendors and drivers in opening bank accounts.
To ensure that by the end of this year, 80% of the 700 vendors, or 560 market stall owners, and 50%, or 3,241 out of 6,481 transport group members in the city, will go cashless in their transactions, the BSP and the LGU of Lapu-Lapu will undertake financial literacy classes.***
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