MANILA–More local government units are joining the Paleng-QR Ph Plus program of the Bangko Sentral ng Pilipinas, which is one of its priority initiatives under the National Strategy for Financial Inclusion 2022-2028.
Launched in November 2022, Paleng-QR PH Plus is a joint project of the BSP, the Department of the Interior and Local Government and the local government unit that will endorse the program through an ordinance. The program promotes digital payments in markets, public transport and other establishments.
The program was launched at the Mandaue City Public Market in Cebu led by Mandaue City Mayor Jonas Cortes, Bangko Sentral ng Pilipinas officer-in-charge for financial inclusion and consumer empowerment Charina de Vera-Yap and DILG regional director Leocadio Trovela.
BSP Governor Eli Remolona Jr. said in his recorded video message the program aimed “to strengthen the financial resilience of Filipinos and help them maximize economic opportunities through inclusion in the formal financial system.”
The city government of Mandaue, with assistance from participating financial service providers, also organized an account opening drive and in printing the participants’ respective QR Ph codes.
Prior to Mandaue, 11 local government units adopted the Paleng-QR PH Plus program as of July 2023.
The Paleng-QR Ph Plus is one of the priority programs under the BSP’s National Strategy for Financial Inclusion 2022-2028, the guiding framework for all stakeholders working together to accelerate financial inclusion in the country.
The strategy aids in the alignment, prioritization and delivery of high-impact initiatives across the government and private sectors. It also serves as a communication tool for the wider public, sustaining broad-based support for financial inclusion.
The nationwide implementation of Paleng-QR Ph Plus is in line with the BSP’s Digital Payments Transformation Roadmap 2020-2023, which aims to transform half of the volume of retail payments in the country into digital form and onboard 70 percent of Filipino adults to the formal financial system this year.