“A business has no right to deny consumers the use of cash.”
I saw this LinkedIn post from Russel Stanley Geronimo, a lawyer and CEO of Geronimo Law, which struck a chord in my chest. Roughly 6 months ago, I was in the midst of pouring my heart out, writing about how there were some stores in Malaysia refusing to accept cash altogether in favour of e-wallets and cards.
No, I am not going against digital payments or just having pure hatred towards the cashless society. What irks me and boils my blood is the outright denial in accepting cash as a part of a transaction.
Back then, I did argue that while going digital had clear benefits (see? I am no hater), it also risked leaving people behind. Today, the same debate is surfacing in the Philippines.
If everyone is all about following the trends set up by the big boys, who are going to stand up for the little guy?
The Cashless Push Gains Ground
The growth of digital payments in the Philippines has been remarkable. For a country that is currently developing, more than half of retail transactions are already digital. GCash and Maya have become daily tools for millions, especially in cities.
The Bangko Sentral ng Pilipinas (BSP) is driving this shift with programmes like Paleng-QR PH, QRPh standards, and cashless transport systems. GCash even recently rolled out “tap-to-pay” technology, and major rail lines are expected to go cashless soon.
On paper, it does feel like progress. Paying with a phone is quick and efficient. Businesses cut down the risk of handling cash, and the government gets more transparency. But scratch beneath the surface, and the picture isn’t as straightforward as it seems.
Roughly 34 to 37 million Filipinos remain unbanked. That is around four in ten adults. When you take into consideration the underbanked, then the value increases to about 76% of the total Filipinos.
That is the highest percentage when it’s being compared to other Southeast Asian countries like Indonesia (67%), Vietnam (47%) and Thailand (25%), according to a 2024 report by Euromonitor International.
At the start of 2025, around 97.5 million Filipinos have access to the internet, which might be impressive to some, but this also means that roughly around 16.2% were cut off from any form of e-wallets or online banking privileges.
Geography adds to the divide. The Philippines is an archipelago of more than 7,000 islands, and hundreds of municipalities still have no physical bank presence.
For many rural Filipinos, cash is not just convenient, but it may be the only option.
Add to that the fact that internet access remains expensive and patchy compared to regional peers, and it is clear that not everyone can simply “go digital.”
For a country that raves so much about financial inclusivity, is going just cashless truly inclusive?
A Question of Rights
The Philippines is also one of the most disaster-prone countries in the world. It sits in the Pacific Ring of Fire and the Typhoon Belt, enduring an average of twenty typhoons each year alongside floods, earthquakes, and volcanic eruptions.
When disaster strikes, power lines fall and networks fail. Digital systems collapse.
In those moments, cash could be the only reliable medium. I’ve noted in my previous article that Malaysia and China have seen this during their annual floods/typhoons, when entire communities could not use digital payments because electricity and internet went out.
It has left citizens in cashless areas unable to buy food or water because mobile payments stopped working.
The takeaway is simple. To withstand disruptions, there must be a backup, and right now, cash remains the most dependable form of money available.
Beyond access and resilience lies the matter of legality. Philippine Peso notes and coins are legal tender. The New Central Bank Act and the Civil Code both make it clear that cash cannot be refused for goods and services.
This is why cashless-only policies are troubling. They not only exclude those who cannot or do not use digital payments, but they also contradict the law. Advocates like Russel have begun pressing the issue with regulators, calling for clear rules that protect consumers.
He puts it as plainly as possible that inclusion should mean everyone is part of the system. Not only to those who already have the tools for digital payments.
So, the way forward is not to halt digital progress but to manage it inclusively. Businesses, large and small, can always benefit when they keep both cash and digital channels open. I truly believe that a hybrid model maximises reach, avoids alienating cash users, and ensures no one is turned away.
The Philippines has all the rights to embrace digital finance. It brings convenience, efficiency, and transparency. But progress must not come at the cost of exclusion or fragility.
Remember, cash is not the enemy. Forcing people into a corner where they cannot pay is.
Featured image: Edited by Fintech News Malaysia based on an image by pressfoto via Freepik.
