(Cont. Ord. No. 2022-18, enacted on 29 day of November, 2022)
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WHEREAS, over the years, the Bangko Sentral ng Pilipinas (BSP) has established the regulatory foundation to promote account ownership and digital payments in the country. This includes the introduction of the basic deposit account (BDA) and e-money as a no-frills and affordable account designed for the low-income unbanked clients; the cash agent regulation which allows banks to tap third-party retail outlets, such as pawnshops and convenience stores to serve as cash-in and cash-out (CICO) points for bank clients; the launch of InstaPay to facilitate real-time electronic fund transfers between accounts held in different participating financial institutions; and the launch of QR Ph to promote use of quick response (QR) technology as an expedient and cost-efficient means for digital payment;
WHEREAS, launched in November 2019, QR Ph is the national QR code standard which serves as an instrument for cost-efficient digital payments, whether for person-to-person (P2P) or person-to-merchant (P2M) transactions. With QR Ph. small entrepreneurs need not invest in costly equipment, such as point of sale (POS) terminals to accept digital payments from their customers. Instead, merchants only need to print and display the QR Code tied to their transaction account, which their customers can scan to pay digitally:
WHEREAS, on 28 January 2022, the Financial Inclusion Steering Committee (FISC) launched the National Strategy for Financial Inclusion (NSFI) 2022-2028 as a six-year blueprint to achieve the vision of driving financial inclusion toward broad- based growth and financial resilience. The NSFI aims to harness a coordinated whole- of-government approach to accelerate financial inclusion in support of the country's broader inclusive and sustainable development agenda. The FISC, chaired by the BSP and with 20 agencies as members including the Department of the Interior and Local Government (DILG), oversees and drives the implementation of the NSFI;
WHEREAS, one of the priority initiatives in the NSFI is the promotion of digital payments in markets and local transport by utilizing QR Ph. Payment for local transportation and purchases from the public market are part of the daily payment pattern of a typical Filipino. By being able to pay market purchases and local transport fares digitally through their accounts, the public will realize the convenience and benefits of using a transaction account and other digital financial services (DFS).. Promoting digital payments among market vendors and tricycle drivers is thereby crucial in expanding the country's digital payments ecosystem toward greater financial inclusion;
WHEREAS, in view of the above, the DILG and BSP jointly developed the Paleng-QR Ph Program to promote digital payment in public markets and local transportation in support of the NSFI;
WHEREAS, The Paleng-QR Ph Program builds on the QR Ph initiative by promoting financial inclusion and cashless transactions at public markets, community stores, and local transportation hubs around the country. It aspires to build a digital
