The government is ready to implement the Paleng-QR PH program to onboard market vendors and tricycle drivers via the digital platform.
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.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DILG backs restrictions on websites of 'Red-linked' groupsAn official of the Department of the Interior and Local Government (DILG) sees nothing wrong with the order of the National Security Council (NSC) to restrict the websites of groups tagged as allies of the communist rebels.
Read more »
BSP hikes key rate on inflation risks - BusinessWorld OnlineThe Bangko Sentral ng Pilipinas (BSP) on Thursday raised its key interest rate for a second straight meeting to cool inflation, which is now seen to quicken to 5% this year. READ:
Read more »
PH-Germany pactHouse Majority Leader and Leyte Rep Martin Romualdez hand over a plaque of appreciation to German Ambassador to the Philippines
Read more »
PH withdraws from EITI, cites ‘biased’ allegationsThe Philippines said Wednesday it withdrew its membership from the Extractive Industries Transparency Initiative on the international organization’s alleged questionable
Read more »
BSP tightens monitoring of 'too big to fail’ banksThe Bangko Sentral ng Pilipinas (BSP) said the periodic review and refinement of the list of domestic systemically important banks (D-SIBs) will be based on the latest data instead of end-year information they are currently using.
Read more »