BSP, DILG pilots Paleng-QR Ph program

The Bangko Sentral ng Pilipinas has signed the joint memorandum circular with the Department of Interior Local Government last June 21 to carry out the new QR Ph program in select local government units .

For his part, DILG Secretary Eduardo M. Año is urging LGUs to take advantage of the Paleng-QR Ph program for a safer and more effective financial transactions. Basically, LGUs will help BSP in onboarding the targeted users to have transaction accounts and achieve its objective of getting 70 percent of Filipino adults with formal accounts by next year. To do this, LGUs will have promotions such as an “account opening day” with QR Ph-enabled financial service providers .

The BSP said the Paleng-QR Ph will benefit market vendors, sari-sari stores, and tricycle drivers with: financial inclusion; for better client experience; and reduced risk of getting paid in counterfeits and theft.

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