Iloilo City Joins BSP’s Digital Payments Push with Paleng-QR Ph Plus Adoption

Iloilo City Joins BSP’s Digital Payments Push with Paleng-QR Ph Plus Adoption

by December 11, 2023

Iloilo City has become the latest among 15 local governments in the Philippines to embrace the Paleng-QR Ph Plus programme, an initiative backed by the central bank to promote the use of digital payments in public markets and local transportation.

Eli Remolona

Eli Remolona

Bangko Sentral ng Pilipinas Governor Eli M. Remolona Jr. highlighted the significance of this development, stating that Iloilo City’s adoption of the programme is a crucial step in further digitalising financial transactions in the Philippines.

He emphasised the transformative impact of the Paleng-QR Ph programme, noting its potential to empower not just local communities but the entire nation by expanding access to financial services for Filipinos.

Bernadette Romulo-Puyat

Bernadette Romulo-Puyat

Deputy Governor Bernadette Romulo-Puyat of the BSP echoed these sentiments, expressing optimism that the introduction of Paleng-QR Ph Plus in Iloilo City will enable more residents, referred to as Ilonggos, to benefit from the convenience of cashless payments.

The programme, a collaborative effort between the BSP and the Department of Interior and Local Government, advocates for the adoption of quick response (QR) codes. This technology is recognised for its convenience, safety, and efficiency, particularly in facilitating retail payments in various sectors including public markets, local transportation, and other establishments.

This initiative also aligns with the broader objectives of the National Strategy for Financial Inclusion 2022-2028. This strategy serves as a comprehensive plan aimed at accelerating the adoption of inclusive finance across the country.

Iloilo City joins other local government units (LGUs) such as Cotabato City, Baguio, Davao, Tagbilaran, Naga, Lapu-Lapu, Pasig, Carmona, Bacolod, Camiling, Victorias, Mandaue, and Ozamiz, all of which have already integrated the Paleng-QR Ph Plus programme into their local systems.

Iloilo City’s adoption of the Paleng-QR Ph Plus programme is another significant step in the Philippines’ journey towards a more digitally inclusive future, offering a model for other cities and regions to follow.