ILOILO City – The city government is adopting the Paleng-QR PH Program, an initiative of the Bangko Sentral ng Pilipinas (BSP) and Department of Interior and Local Government (DILG) that promotes cashless payment and helps accelerate financial inclusion.
The program gives vendors and consumers safe, faster and convenient payment option.
“We will launch that (cashless payment transaction option) at the Iloilo Terminal Market and replicate it in other public markets,” Maricel Mabaquiao, head of the Local Economic Enterprise Office (LEEO), said yesterday.
This is also part of the city government’s preparation to modernize public markets, she added.
Mabaquiao said they are waiting for an ordinance for the program to be officially launched but have already started with the preparations, including the opening of accounts with financial service providers (FSPs) conducted on Monday, Feb. 27.
Among the FPS that participated were GCash, Maya, Asia United Bank, Banco de Oro, Landbank of the Philippines, and Rizal Commercial Banking Corporation.
The BSP enjoins local government units (LGUs) to push for the acceptance of digital payments among market vendors, community shopkeepers, and tricycle operators and drivers (TODA) in all cities and municipalities in the country.
The program highlights the significance of market purchases and local transportation fares as basic components of an average Filipino’s typical payment pattern.
It added that until a market vendor and tricycle driver can accept digital payments, transitioning to cashless transactions would be difficult for an average Filipino consumer./PN
