August 24, 2024 | 12:00am
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has onboarded 120 local government units as of July 31 onto its Paleng-QR Ph Plus program, an initiative that promotes cashless transactions in public markets, public utility vehicles and business establishments.
The figure is 76 percent higher than the 68 LGUs as of February. As of July, three LGUs are located in the National Capital Region, 89 in Luzon, 19 in Visayas and nine in Mindanao.
“The BSP encourages LGUs to participate in the program by passing policies that promote the use of QR Ph payment in their markets, public transportation and other businesses,” the central bank said in a social media post.
A joint initiative of the BSP and the Department of the Interior and Local Government, the program encourages the use of Quick Response (QR) Ph, the national standard for QR code technology that provides a safe, convenient, and efficient way of making and receiving payments for merchants and customers.
The Paleng-QR Ph Plus program supports the BSP’s efforts to boost digital payments for all community markets and local transportation. The program is one of the priority initiatives under the National Strategy for Financial Inclusion (NSFI) 2022-2028.
The NSFI is the guiding framework for stakeholders working together to accelerate financial inclusion in the country.
During his State of the Nation Address in July, President Marcos said more and more systems are now digital and cashless.
“The Paleng-QR Ph Plus is one of the programs gradually gaining traction with the public,” he said.
According to the BSP, the program seeks to encourage LGUs to push for the acceptance of digital payments among market vendors, community shopkeepers, tricycle operators and drivers in all cities and municipalities in the country.
The Paleng-QR Ph program emphasizes the importance of market purchases and local transportation fares as essential elements of an average Filipino’s typical payment pattern. Until a market vendor and tricycle driver can accept digital payments, transitioning to cashless transactions would be difficult for an average Filipino consumer.
“For LGUs that wish to participate in the program, you can coordinate with the nearest BSP branch or office in your area,” the central bank added.
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