NextGen Day

According to a high-ranking central bank official, the Bangko Sentral ng Pilipinas (BSP) would initially concentrate on the 10 locations where the Paleng-QR digital payment system is already used before expanding coverage.

BSP Deputy Governor Bernadette Romulo-Puyat stated that more local government units (LGUs) had desired to adopt this payment mechanism, with those already on board passing their separate local ordinances. This was in a recent interview with journalists.

In the cities of Baguio, Cebu, Davao, Naga, Tagbilaran, Pasig, Lapu-Lapu, and Bacolod, as well as the towns of Camiling in Tarlac province and Carmona in Cavite province, BSP has been instrumental in the establishment of the Paleng-QR PH Plus program.

Romulo-Puyat claimed that the Paleng-QR program, which uses QR codes, is one of the government’s strategies for boosting digital payments in the nation.

Through the program, families and micro, small, and medium-sized companies (MSMEs) that lack the credit histories and/or sufficient collateral to obtain loans from the official financial sector can have their transactional patterns and creditworthiness tracked.

Romulo-Puyat stated that before the program’s coverage is expanded, they want to investigate the system where it has already been implemented to ensure it is successful, highlighting in particular the need for a reliable internet connection.

She remarked in a combination of Filipino and English, “That’s the problem, and that’s why we’ve asked (for) help, not from DILG (Department of the Interior and Local Government), but more from DICT (Department of Information and Communications Technology).

According to Romulo-Puyat, Benjamin Magalong, the mayor of Baguio City, has a contract with an internet service provider, and the speed is “really fast.”

She said Pasig City Mayor Vico Sotto is considering making a similar agreement.

“We want to make it work because, even if many people are involved and it fails, it won’t fail. Therefore, the kini-case study names everyone (We want to make it work because having so many participants but a failure, not 100% (working) makes no sense). So, we’re using the existing ones for the case study,” she continued.

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