The Bangko Sentral ng Pilipinas (BSP) is eyeing to bring its Paleng-QR Ph Plus program to more local government units (LGUs) as part of its efforts to extend financial inclusion to farmers and other agri-related small businesses.
BSP Governor Felipe M. Medalla reaffirmed the BSP’s commitment to advancing digitalization and supporting micro, small, and medium enterprises (MSMEs) and the microfinance sector.
The Paleng-QR Ph, which leverages QR or quick response technology in wet markets, local transportation, and business establishments, will be expanded to reach more participants.
Currently, 13 LGUs have issued ordinances for Paleng-QR Ph, including Baguio, Davao, Tagbilaran, Naga, Lapu-Lapu, Pasig, and Bacolod. Other LGUs are also considering implementing the program.
In a recent digital financial inclusion event held at the BSP, Medalla said that the BSP has signed a memorandum of agreement with the Department of Agriculture-Regional Field Office-Cordillera Administrative Region to onboard farmers and other agricultural players to the Paleng-QR Ph.
The MOA includes financial education programs on the effective use of digital payments in business, financial services for micro and small enterprises, and consumer protection.
The BSP is optimistic about achieving its target of shifting at least 50% of all payment transactions in digital form by end-2023.