Bangko Sentral ng Pilipinas (BSP) Deputy Governor Bernadette Romulo-Puyat.
LAPU-LAPU CITY, Cebu — The Lapu-Lapu City Government officially launched on Friday, February 17, 2023, the Paleng-QR PH Plus.
The launching was attended by Bangko Sentral ng Pilipinas (BSP) Deputy Governor Bernadette Romulo-Puyat, Lapu-Lapu City Mayor Junard “Ahong” Chan, and other city officials.
Paleng-QR PH Plus is a program that promotes cashless payments as an alternative to paying cash while purchasing goods at public markets or paying fares for public utility vehicles (PUVs).
Puyat, in her speech, said that the program will also give an opportunity to sari-sari store owners, and jeepney and tricycle drivers to open an online bank account and save money.
“Speaking of financial inclusion, we encourage everyone to open a Basic Deposit Account or a BDA. With a minimal deposit of just one hundred pesos or less, no maintaining balance, no dormancy charges, and simplified identification requirements, the BDA is so easy to open! Just visit your nearest bank, or cash agent, or even access your bank’s mobile application,” Puyat said.
She added that digital channels build the user’s transaction history, enabling banks and other formal lending institutions to use such data to offer credit or loans to merchants and individuals.
Their transaction account serves as a gateway to many other financial services, such as savings, insurance, and investments.
She also said that the use of QR Ph codes makes payment transactions convenient for both the vendor or driver and the customer.
Lapu-Lapu City was the first LGU to pass an ordinance adopting the Paleng-QR PH which was promoted by the BSP and the Department of Interior and Local Government.
Chan, for his part, said that in the latest Visa Consumer Payment Attitudes Study, 92 percent of Filipinos have been using multiple cashless methods to shop and pay.
About 61 percent of Filipinos have used less cash in their wallets which has resulted in 60 percent fewer cash transactions.
The same study also showed that we are the country with the highest awareness of QR code payment in the Southeast Asian region which was still significantly improving even after the mobility restrictions experienced during the pandemic.
“For now, the implementation of the PALENG-QR program is for the mainstreaming and acceptance of digital payments among our City’s market vendors and our market shoppers primarily here in the Lapu-Lapu City Public Market and for the tricycle operators and drivers plying the streets of Lapu-Lapu City,” Chan said.
The mayor also aims to implement Paleng-QR PH in satellite markets and other public transportation on the mainland and Olango Island.
“Ayaw intawn kamo ug kahadlok sa pag-gamit niining mga online payments tungod kay kini sayon ra kaayo gamiton ug labaw sa tanan, luwas ra ang inyong hinagu-an nga kwarta,” he added. /rcg
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