ILOILO CITY – A fast, safe and convenient way to pay and accept payment is now available in this city's terminal market following the launch of the Paleng-QR (quick response) Ph Plus program on Thursday.
"We share the Ilonggo pride as we launch the Paleng-QR Ph Plus program in Iloilo City. This is a milestone in making the City of Love more digitalized and financially inclusive," Bangko Sentral ng Pilipinas (BSP) Deputy Governor for Regional Operations and Advocacy Sector Bernadette Romulo-Puyat said in her virtual message.
The Paleng-QR Ph Plus was developed by the BSP and the Department of the Interior and Local Government (DILG) to maximize the use of digital payments.
Puyat said the Paleng-QR Ph Plus offers many benefits, including sanitary and convenient cashless payments, reduction of counterfeit bills, lesser cost of transportation, and enable vendors and suppliers develop financial footprint that can help when they apply for credit without collateral and at a lower interest rate.
"Now that most of us are able to go out, customers can buy what they need from the market or pay for transportation without having to bring cash. I hope that as this program is rolled out more vendors and tricycle drivers can also enjoy the benefits of digital payments," she added.
As of Nov. 13 this year, 1,625 vendors at the terminal market and 1,870 tricycle drivers are already on board the Paleng-QR Ph plus.
Iloilo City Mayor Jerry Treñas, in his message, said business in the city is made easy with this innovation.
"Let us try to use this digital payment because this is for us," he said.
Maricel Mabaquiao, head of the Local Economic Enterprise Office that manages the city markets, said the QR-Ph is only an option and not mandatory for all vendors.
"This will be opened in all our markets, but we started at the Iloilo Terminal Market," she said in a follow-up interview.
She added the cashless payment is a big development, especially since the city government is embarking on massive market rehabilitation. (PNA)