The Iloilo City Government with its commitment to bring digital payments closer to the Ilonggos and as a means of available financial service has endorsed the PalengQR PH Program in the metro.
This innovation to be implemented by the Local Economic Enterprise Office (LEEO) will be tentatively launched in March, in collaboration with Bangko Sentral ng Pilipinas (BSP) and Department of the Interior and Local Government (DILG).
Five Financial Service Providers (FSPs) expressed their interest to join in the program implementation including Gcash, Maya, Landbank of the Philippines, Asia United Bank (AUB), and Rizal Commercial Banking Corporation (RCBC).
LEEO head Maricel Mabaquiao stressed the PalengQR will not just make financial services accessible for Ilonggos but will make transactions safer and faster.
“This will be a big step as we digitalize our services here in Iloilo City and with help of the BSP, DILG, and providers, we can accelerate financial inclusion not just in the City but in the whole country,” she added.
They have already conducted a series of coordination meetings with the participating providers for product presentation and placement of activities.
The purpose is to promote digital payment among market vendors, sari-sari store owners, tricycle drivers, consumers, and commuters.
This seeks to promote financial inclusion and cashless transactions in the public markets, community shops, and local transaction.
This further increases access of microentrepreneurs to improved financing choices, as well as lessen public health and safety risks allied with cash transactions.
Vendors and tricycle operators shall visibly display the QR codes in their stores and vehicles for the convenience of customers who wish to pay digitally.
This will generate a simple but influential digital finance practice at the community level.
Moreover, this will help Ilonggos make the most of economic opportunities through their inclusion in the formal financial system.
Through the use of this initiative, this will make people’s daily lives convenient, easier, and faster.
The goal is a boost to become a Smart City by establishing cashless payments making public service digital. (Alexandra Jover/Iloilo City PIO)