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The Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank, has announced an achievement in the country’s digital finance sector. According to the 2023 Report on E-Payments Measurement, the share of digital payment transactions in the Philippines has surged from 42.1% in 2022 to 52.8% in 2023. This accomplishment surpasses the central bank’s goal of digitalizing 50% of retail payments by 2023, as outlined in its Digital Payments Transformation Roadmap 2018-2023. BSP Governor Eli Remolona expressed pride in this achievement, highlighting its significance in the pursuit of a cash-lite economy. “We take pride in this achievement as proof that our pursuit of a cash-lite economy has consistently been progressing. We owe this to our citizens who are the foremost beneficiaries of a safe, efficient, and inclusive digital payments system. As we serve their payment needs and deepen financial inclusion, we are ready to bring digital finance to new heights,” Remolona stated. Marcos backs Paleng-QR initiative Source: Presidential Communications Office The rise in digital payments in the Philippines was also highlighted in Philippine President Ferdinand Marcos Jr.’s latest State of the Nation Address (SONA). “More and more systems are now digital and cashless, assimilating individuals, MSMEs, and even agricultural workers. These have expedited transactions and commercial exchanges and promoted the convenience of all parties concerned,” Marcos said. The president also mentioned BSP’s Paleng-QR program. “Paleng-QR is one of those programs that is gradually gaining traction among the public and increasing user engagement,” he said. ​​The Paleng-QR Ph program was jointly developed by the BSP and the Department of the Interior and Local Government (DILG). The program aims to build the digital payments ecosystem in the country by promoting cashless payments in public markets and local transportation, particularly tricycles. According to the BSP, the program seeks the policy championship and enjoins local…

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Filed under: News - @ July 29, 2024 5:26 am