BSP, DA sign deal on use of Paleng-QR by farmers, coops
The Bangko Sentral ng Pilipinas-North Luzon Regional Office and the Department of Agriculture-Cordillera signed a memorandum of agreement for the adoption of the “Paleng-QR Ph Plus” Program by farmers in the region.
The program aims to mainstream the adoption of digital banking and cashless transactions among different sectors in the country.
BSP-NLRO Director Noel Neil Malimban and DA-Cordillera Director Cameron Odsey led the signing of the MOA on April 18.
Under the MOA, the DA-Cordillera will help in the information, education, and communication (IEC) campaign and adopt policies to encourage farmers in the region to adopt digital payments under the Paleng QR Ph Plus Program.
Odsey said the digital payment initiative will initially be promoted to farmers who are involved in DA’s Kadiwa Program and to Benguet farmers engaged in vegetable trading business.
The BSP, for its part, will provide technical assistance on account onboarding and digital payments and conducts financial literacy sessions to farmers’ groups or cooperatives, among other assistance needed, to promote and implement the Paleng-QR Ph Plus Program.
The program was first rolled out in the cities of Davao and Tagbilaran, with Baguio being the most recent addition to the pool of locations where the program is launched.
The Paleng-QR Ph program aims to assist business establishments and services with seminars and training programs that will prepare merchants with the use of QR codes in their everyday operations.
This encourages digital payments and withdrawals where every Filipino consumer and merchant would be able to pay for goods and services with their smartphones on a daily basis.
With the help of the BSP, DA, and LGUs; the Paleng-QR Ph Program will begin rolling out their “account opening day” in partnership with financial service providers such as banks and e-money issuers. – Bianca Grace Contreras with reports from Carlito C. Dar