Here’s great news for Bacooreños!
The City of Bacoor in Cavite has just joined the Paleng-QR Ph Plus program of the Bangko Sentral ng Pilipinas (BSP), allowing residents and visitors in the city to conveniently pay in public markets, public utility vehicles (PUVs), sari-sari stores, and business establishments using QR codes and other forms of digital payments like e-wallets.
The program launch was held last March 5 at the Bacoor Government Center and was jointly led by BSP Deputy Governor Bernadette Romulo-Puyat and Bacoor City Vice Mayor Rowena Bautista-Mendiola.
BSP Deputy Governor Bernadette Romulo-Puyat (left) pays the jeepney fare using QR code during the launch of Paleng-QR Ph Plus program in Bacoor. Joining her is City Vice Mayor Rowena Bautista-Mendiola.
BSP Governor Eli M. Remolona, Jr., in a recorded message, welcomed the City of Bacoor as a partner in the Paleng-QR Ph Plus program.
In his speech, he said that the inclusion in the formal financial system of Paleng-QR Plus participants opens new economic opportunities that can generate gains for Bacoor’s market vendors, PUV drivers, and other businesses.
On behalf of Mayor Strike B. Revilla, City Vice Mayor Bautista-Mendiola said, “The program aims to make payment transactions easier and more convenient between vendors and customers through the use of digital devices like smartphones.” She also encouraged every Bacooreños to support the Paleng-QR Ph Plus program to enjoy its benefits.
The issuance by Bacoor City of an ordinance on the use of digital payments is expected to encourage the participation of more market vendors and tricycle and jeepney drivers in the Paleng-QR Ph Plus program.
Deputy Governor Romulo-Puyat shared that 67 LGUs have so far conducted launch activities or have issued policies in support of the Paleng-QR Ph Plus.
She also said the Paleng-QR Ph Plus program offers many benefits, encompassing hygiene to convenience, security, economic resilience, and inclusivity. “Digital payments through e-wallet accounts allow you to expand your digital footprint. This will allow access to a wider range of financial services, such as lower interest rates on credit,” according to the Deputy Governor.
Paleng-QR Ph Plus is a joint initiative of the BSP and the DILG that 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 nationwide program supports the BSP’s thrust of promoting a cash-lite Philippine economy, one of the priority initiatives under the BSP’s National Strategy for Financial Inclusion 2022-2028. This is the guiding framework for all stakeholders working together to accelerate financial inclusion in the country.
On the sidelines of the program launch, the BSP South Luzon Regional Office (SLRO) also offered currency exchange services in the public market to replace the public’s unfit banknotes and coins with digital cash. Unfit banknotes are dirty, soiled, limp, or stained; or have faded print and obvious writings. Unfit coins are those with corrosion or markings.
This “BSP Piso Caravan” currency exchange program is in line with the BSP’s commitment to preserve the integrity of Philippine currency and to encourage digital payments that promote financial inclusion.
For more information on the Piso Caravan and other public information campaigns in South Luzon, contact the BSP SLRO via e-mail (bsp-slro@bsp.gov.ph).
For more details on the Paleng-QR Ph Plus program, visit https://bit.ly/PalengQRph.