LAND BANK of the Philippines (LANDBANK) is set to bring in more market vendors, public transport drivers, and consumers into the digital payment system as the government rolls out the Paleng QR Ph program in four new areas this month.
Paleng QR Ph, a program of the Bangko Sentral ng Pilipinas (BSP) and Department and Interior and Local Government (DILG), will be launched in public markets in Carmona, Cavite; Santo Tomas City, Batangas; Iloilo City; and Cebu City in April.
“LANDBANK joins the BSP and DILG in making daily transactions in public markets and small transport utilities seamless and more convenient,” LANDBANK President and chief executive officer Cecilia C. Borromeo said in a statement on Monday.
“This also encourages ordinary Filipinos to open a bank account and avail of other financial services in pursuit of inclusive growth and development,” she said.
Paleng QR Ph, which aims to institutionalize the use of digital payments nationwide, had previously been launched in the cities of Baguio, Davao, Tagbilaran, Lapu-Lapu, Naga, Muntinlupa, Pasig, and Bacolod.
Under the program, LANDBANK sets up customer assistance booths at the site where vendors and consumers can open accounts.
The BSP aims to digitalize at least 50% of total retail transactions and bring at least 70% of Filipino adults into the financial system this year under its Digital Payments Transformation Roadmap. — Aaron Michael C. Sy