The Bangko Sentral ng Pilipinas (BSP) has launched Paleng-QR Ph Plus Program in the City of Laoag last April 24 to digitalize transactions in public markets, public transportation, and business establishments.
The City of Laoag is the 69th local government unit (LGU) to implement Paleng-QR.
BSP Governor Eli M. Remolona Jr. said during the launch, that “by using the QR Ph codes in daily payment transactions, business owners and their customers can expand their digital financial footprint. This will give them access to a wider range of financial services, such as credit, savings, insurance, and investment.”
BSP Deputy Governor Romulo-Puyat also noted that the program and QR technology “is a game changer (and it) makes life easier for everyone.”
In 2023, the City Government of Laoag passed an ordinance encouraging all business establishments and local transportation in the city to adopt digital payments in line with the Paleng-QR Ph Plus program.
In partnership with local banks and e-money issuers, the BSP also conducted its “Piso Caravan" to enable Ilocanos to replace their unfit banknotes and coins with fit currency or electronic money. This initiative is part of the BSP’s broader efforts to maintain the integrity of the Philippine currency.
The Paleng-QR Ph Plus program is a joint program of the BSP and the Department of the Interior and Local Government. It encourages cashless transactions using QR Ph, the national standard for quick response or QR codes, a priority initiative under the National Strategy for Financial Inclusion 2022-2028.
It also boosts digital payments and enables the digitalization of payment transactions in public markets and public utility vehicles, as well as business establishments.
Romulo-Puyat reiterated that LGUs which issue the ordinance to promote Paleng-QR Ph Plus are key to the program’s acceptance.
The BSP said that in partnership with local banks, they also conducted its “Piso Caravan" at the two market venues to replace unfit banknotes and coins with fit currency or electronic money.
The BSP will establish and launch 21 to 22 additional Paleng-QR Ph Plus within the year.
The incoming Paleng-QRs will include among others Cabanatuan City, General Santos City, Imus City, Kidapawan City, Valenzuela City, Tarlac, Bataan, and Ilocos Norte.
The nationwide program supports the BSP’s thrust to convert half of the total volume of retail payments in the country into digital form and to onboard 70 percent of Filipinos to the formal financial system under the BSP’s Digital Payments Transformation Roadmap 2020-2023.
To spread QR Ph use across the country, the BSP introduced the Paleng-QR program in mid-2022 with the DILG to help LGUs promote QR Ph.