Sorsogon City recently launched “Paleng-QR Ph Plus,” a groundbreaking initiative aimed at integrating QR PH, the national standard for quick response codes, into everyday transactions within public markets, local transport, and various businesses.
A project of the Bangko Sentral ng Pilipinas (BSP), the Paleng-QR Ph Plus initiative is now revolutionizing the way Filipinos transact by turning public markets into thriving hubs of digital payment innovation and integrating into local transportation hubs and other business establishments the idea of transacting via digital payments. It also promotes the use of QR Ph, the national standard for quick response codes.
This program also aligns perfectly with the BSP’s Digital Payments Roadmap, a comprehensive strategy designed to accelerate the country’s digital transformation and enhance financial inclusion.
Photo shows (from left) BSP Area Director Alvin L. Bermido, BSP Regional Director Tomas J. Cariño, Jr., and Sorsogon City Administrator Atty. Mark Gerald D. Guirindola (in black shirt, representing Mayor Ma. Ester E. Hamor) who bought vegetables from a vendor using QR Ph.
The launch of Paleng-QR Ph Plus in Sorsogon
The launch event, held last December 19, 2024, witnessed the active participation of key officials, including BSP Area Director Alvin L. Bermido, BSP Regional Director Tomas J. Cariño, Jr., and Sorsogon City Administrator Atty. Mark Gerald D. Guirindola, who represented Mayor Ma. Ester E. Hamor.
To symbolize the Paleng-QR Ph Plus initiative’s impact, officials demonstrated the ease of using QR PH by purchasing vegetables from a vendor using the digital payment method, showcasing the convenience and security this technology offers to both consumers and businesses.
“Paleng-QR Ph Plus” offers numerous benefits. For consumers, QR PH provides a convenient and secure alternative to cash, reducing the risk of carrying large sums of money and minimizing the hassle of handling physical currency.
For businesses, particularly small and medium-sized enterprises (SMEs), adopting QR PH can streamline operations, reduce transaction costs, and expand their customer base by reaching a wider segment of the population.
The launch of “Paleng-QR Ph Plus” coincided with the “Piso Caravan” organized by the BSP and the Sorsogon Bankers Association, further promoting the use of digital financial services. This initiative allowed Sorsoganons to exchange their unfit and mutilated banknotes and coins for either fit currency or electronic wallet credits, encouraging the shift towards digital financial transactions.
The success of “Paleng-QR Ph Plus” hinges on the active participation of all stakeholders, including the local government, businesses, and the general public.
To ensure widespread adoption through the Paleng-QR Ph Plus program, the city government will implement various measures, such as conducting educational campaigns to raise awareness about the benefits of QR PH and providing technical assistance to businesses in integrating the technology into their operations.
BSP’s broader financial inclusion initiatives
This initiative in Sorsogon City exemplifies the BSP’s broader commitment to financial inclusion.
The BSP actively engages in various initiatives to promote financial inclusion, including:
- Digital Finance Advocacy: Democratizing access to transaction accounts and making them relevant for everyone, including those who may not have significant financial resources. This involves developing the digital finance infrastructure (digital-enabled market players, ubiquitous financial access points, and safe and efficient retail payments) and promoting the use of digital payments for various purposes such as bill payments, merchant acceptance, and government transactions.
- Support to the PhilSys: Actively participating in the development and implementation of the Philippine Identification System (PhilSys) to facilitate cost-efficient client onboarding and digital finance innovations.
- Capacity Building: Working closely with development partners to improve financial services for rural communities and other underserved sectors through technical assistance and technology matching grants.
- Agriculture and MSME Finance Advocacy: Addressing the lack of access to financing for the agriculture and MSME sectors through initiatives like Agri Value Chain Financing (AVCF), the Credit Surety Fund (CSF), and legislative advocacies for a more conducive financial environment for these sectors.
Key Programs:
- Paleng-QR Ph Program: Promoting cashless payments in public markets and local transportation by encouraging market vendors, community shopkeepers, and tricycle operators to accept digital payments.
- Open Finance PH: Leveraging on and sharing customer-permissioned data among banks, other financial institutions, and Third Party Providers to develop innovative financial solutions.
The launch of “Paleng-QR Ph Plus” marks a significant milestone in Sorsogon City’s journey towards a cashless society. By embracing digital payments, the city is not only aligning itself with the national agenda of financial inclusion but also paving the way for a more efficient, inclusive, and prosperous future for its residents.
This initiative serves as a model for other cities and municipalities across the Philippines, demonstrating the potential of digital financial inclusion to transform local economies and improve the lives of Filipinos.