BSP official calls on LGUs to go ‘cashless’

By Lorenzo O. Lambatin Jr.

BACOLOD CITY – A Bangko Sentral ng Pilipinas (BSP) official is urging local government units (LGUs) in the province to launch Paleng-QR to take advantage of the benefits of cashless transactions.

BSP Deputy Governor Bernadette Romulo-Puyat has said that using e-wallets would benefit vendors and their clients, minus the hassles of paying in coins or bills that need loose change.

“What is good about cashless is there is no counterfeit money to deal with, and that will make tourists want to buy more. We want Negros Occidental to become digital,” she said.

Puyat said that vendors using e-wallets will have transaction accounts, adding that the more they use it, the more digital providers can see their progress and may offer low-interest and collateral-free loans.

Similarly in online banking, the entrepreneur’s digital footprints can also be a basis for financial officials to lend money to their clients, she noted.

Moreover, she said that e-wallet transactions are widely accepted across the country, which was partly due to the pandemic.

Puyat said she hopes that aside from Bacolod, Victorias, and Sipalay Cities, other LGUs could also go cashless in the province.

“I’m happy that President Ferdinand R. Marcos Jr. mentioned the Paleng-QR program. Other countries have switched to cashless or e-wallets. I’m hoping that the Philippines will also go cashless, and the BSP will be your partner in this endeavor,” she said.

The “Paleng-QR” program of the government aims to build the digital payments ecosystem in the country by promoting cashless payments in public markets and local transportation, particularly tricycles. (PIA)