The bustling transport terminal of Borongan City became a vibrant hub of digital transformation recently as local government officials launched the Bangko Sentral ng Pilipinas’ (BSP) groundbreaking Paleng-QR PH Plus program.
This landmark event marks Borongan City as the pioneering local government unit in Eastern Samar and the first city in the entire Region VIII to embrace this initiative, signaling a significant leap towards a cashless and more efficient local economy.
Photo shows Borongan 1st Councilor Victor Franco (left), who represented Mayor Jose Ivan Dayan C. Agda, and BSP Tacloban Area Director Victorio-III M. Tingcang (right) during the launch event
The launch was spearheaded by Borongan City’s 1st Councilor Victor Franco, representing Mayor Jose Ivan Dayan C. Agda, and Bangko Sentral ng Pilipinas (BSP) Tacloban Area Director Victorio-III M. Tingcang. Their presence underscored the collaborative spirit between the local government and the central monetary authority in driving financial inclusion and modernizing payment systems within the community.
BSP program to offer safer transactions, greater convenience for shoppers
The highlight of the event was a live demonstration showcasing the seamlessness of QR Ph transactions.
A tricycle driver, beaming with enthusiasm, received an electronic payment via QR code, effectively illustrating the program’s core objective: to promote the widespread adoption of QR Ph as a convenient and secure payment method across various sectors, including public transportation, public markets (“palengke”), and other local businesses.
The significance of this launch extends beyond mere technological adoption. It represents a crucial step in empowering Borongan’s micro, small, and medium enterprises (MSMEs), the backbone of the local economy.
By enabling digital payments, Paleng-QR PH Plus offers vendors a safer and more transparent way to conduct business, eliminating the risks associated with handling large amounts of cash and streamlining their transaction processes.
For consumers, it provides unparalleled convenience, allowing them to make payments with just a scan of their mobile phones, fostering a more efficient and hassle-free shopping experience.
A pioneering move towards digital finance and financial inclusion
In his speech, Director Tingcang emphasized the BSP’s commitment to fostering a digitally empowered financial ecosystem across the Philippines, saying, “Borongan City’s proactive adoption of Paleng-QR PH Plus sets a commendable precedent for other local government units in the region.”
“This initiative will not only enhance the efficiency of local commerce but also contribute significantly to broader financial inclusion, bringing more Filipinos into the formal financial system,” the BSP director further stated.
Councilor Franco echoed this sentiment, highlighting the city’s vision for a progressive and digitally connected Borongan. “We recognize the immense potential of digital payments in boosting our local economy and improving the lives of our constituents,” he said. “By embracing Paleng-QR PH Plus, we are equipping our vendors and consumers with the tools they need to thrive in an increasingly digital world.”
The launch event also saw active participation from various banks and financial service providers. Representatives were on hand to assist individuals in opening bank or e-wallet accounts, a crucial step in enabling widespread QR Ph usage.
This on-site support aimed to lower the barrier to entry for those new to digital finance, ensuring that even the unbanked can readily participate in the program.
Currency exchange initiative adds value for Borongan residents
To add another layer of vital service to the community, the BSP simultaneously conducted a “Piso Caravan.” This initiative provided an opportunity for Borongan residents to exchange their worn, dirty, and even mutilated banknotes for crisp, new bills or credits directly into their newly opened e-wallets.
The Piso Caravan, which has since expanded to include 141 participating financial institutions, not only reinforces the BSP’s mandate of maintaining the integrity of the Philippine currency but also incentivizes the adoption of digital wallets, further supporting the Paleng-QR PH Plus program.
The successful launch in Borongan City serves as an inspiring model for other municipalities and cities across the Philippines. It demonstrates the tangible benefits of a collaborative approach between the BSP and local government units in driving digital financial transformation at the grassroots level.
As Borongan’s vendors and consumers increasingly embrace the convenience and security of QR Ph payments, the city is poised to witness a more dynamic, efficient, and inclusive local economy. This pioneering step in Eastern Samar underscores the growing momentum towards a truly digital Philippines, where every transaction is seamless, secure, and contributes to the nation’s economic progress.
The vibrant atmosphere at the Borongan transport terminal on that pivotal day was not just the launch of a program; it was the dawn of a new era for commerce in the city and a beacon for the rest of the region.