BAGUIO CITY (PIA) — The Bangko Sentral ng Pilipinas – North Luzon Regional Office (BSP – NLRO) and the Department of Agriculture – Cordillera (DA – CAR) forged a partnership to pilot the use of digital transactions and cashless payments through the Paleng – QR Plus program to Cordillera farmers.
BSP – NLRO Regional Director Noel Neil Malimban and DA – CAR Regional Director Cameron Odsey led the signing of the Memorandum of Agreement here, Tuesday (April 18) with BSP Deputy Governor Bernadette Romulo-Puyat as guest of honor.
Malimban said the partnership is anchored on shared commitment to serve the unserved and bring forth the benefits of financial inclusion and digitalization of payments to a broader segment of the Cordillera population.
Under the MOA, DA–CAR shall help in the information, education and communication (IEC) and adopt necessary 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.
Puyat, in her keynote, message congratulated the BSP – NLRO and the DA – CAR for the partnership, which she attested as the first in the country and in the history of BSP.
She said the MOA will expand the Paleng – QR Ph Plus program that was also first launched in Baguio City in August 2022 for the use of market vendors and public utility vehicles.
Puyat shared that among the many benefits of digital transaction and cashless payments, the regular use of digital payments will more importantly help farmers establish financial footprints.
Based on the BSP Financial Inclusion Survey of 2021, around 73 percent of the farmers nationwide have no bank accounts. The financial footprints can be a basis for banks to provide them loans with no collateral, Puyat explained.
The Paleng – QR Ph Program was jointly developed by the BSP and the Department of the Interior and Local Government. Aside from Baguio City, it was also launched in Davao City and Tagbilaran City. **JDP/CCD-PIA CAR