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Bicol Saro Party-list Rep. Brian Raymund Yamsuan is urging town and city mayors to link up with the Bangko Sentral ng Pilipinas (BSP) and the Department of the Interior and Local Government (DILG) in urging small local businesses to use cashless payment schemes. 

This, as Yamsuan batted for "true financial inclusion" among Filiponos by starting with micro and small enterprises (MSEs). 

Yamsuan said the BSP and DILG can provide incentives to and assist MSEs in adopting digital payment tools. 

“Marami na ang gumagamit ng e-wallets tulad ng GCash o Maya ngayon. Minsan kahit walang cash, basta’t may laman ang e-wallet ay bibili ang consumer. Mas lamang ang market vendor, food cart owner at iba pang micro and small enterpreneur na may option na mag-alok ng cashless payment para lumaki ang kita,” said the solon, who is a former DILG assistant secretary. 
 
(Many people now use e-wallets like GCash or Maya. Sometimes, even without cash on hand, a consumer is encouraged to buy if he or she has money in his or her e-wallet. A market vendor, food cart owner and other micro and small entrepreneurs have an advantage if they have the option to offer cashless payments to be able to boost their incomes.)
 
He said local chief executives should also ensure that they incorporate financial literacy programs in promoting the use of cashless payments among MSEs to protect these businesses from scams and help them save or reinvest their earnings. 
 
Yamsuan said the adoption of digital payment tools would also help MSEs quickly track payment records and gain greater control over their finances; reduce inefficiencies and losses associated with cash-based activities; and create a “digital footprint” of transactions that would help them secure loans and other financial services. 
 
A survey done by multinational payment card services firm Visa showed that 56 percent of micro businesses in the country saw their earnings grow with the adoption of digital payments. 
 
Yamsuan said he was glad to learn that in his home city of Parañaque City, the local government has joined 168 other LGUs in implementing the Paleng-QR Ph program jointly developed by the BSP and DILG to promote the use of cashless payment systems in public markets and local transportation.  
 
The program, which will adopt the QR Ph digital payment platform, will be launched this week in Parañaque’s La Huerta Public Market. 
 
In the Congress, Yamsuan has co-authored House Bill (HB) No. 8262, which aims to promote the use of digital payments for financial transactions of the government and the  public.
 
According to the latest available BSP data, 34.3 million Filipinos remain unbanked, which means they do not own a bank account. 
 
“This is still a big chunk of our  population which lacks access to loans and other financial services that could help fund businesses or personal needs. With a bank account or a digital payment platform like GCash or Maya, it would also be easier for them to pay government fees like permits, and at the same time,  receive financial aid from the government,” Yamsuan said.  

“Sa madaling salita, ito ang tinatawag nating tunay na financial inclusion (In short, this is what we call true financial inclusion),” he added.