A PARTY-list lawmaker urged local government units (LGUs) to encourage micro and small enterprises (MSEs) to use digital payment tools to help boost their incomes and provide them wider access to credit and other financial services.
Rep. Brian Raymund Yamsuan of the Bicol Saro party-list group said the LGUs can partner with the Bangko Sentral ng Pilipinas (BSP) and the Department of the Interior and Local Government (DILG) in providing incentives to, and assisting, MSEs that will adopt cashless payment systems.
Local chief executives should also ensure that they incorporate financial literacy programs in promoting the use of cashless payments among MSEs to protect these businesses from scams and help them save or reinvest their earnings, Yamsuan said.
“Many people now use e-wallets like GCash or Maya. Sometimes, even without cash on hand, a consumer is encouraged to buy if he or she has money in his or her e-wallet. A market vendor, food cart owner and other micro and small entrepreneurs have an advantage if they have the option to offer cashless payments to be able to boost their incomes,” he noted.
Yamsuan said the adoption of digital payment tools would also help MSEs quickly track payment records and gain greater control over their finances; reduce inefficiencies and losses associated with cash-based activities; and create a “digital footprint” of transactions that would help them secure loans and other financial services.
A survey done by multinational payment card services firm Visa showed that 56 percent of micro businesses in the country saw their earnings grow with the adoption of digital payments.
Yamsuan said he was glad to learn that in Parañaque City, the local government has joined 168 other LGUs in implementing the Paleng-QR Ph program jointly developed by the BSP and DILG to promote the use of cashless payment systems in public markets and local transportation.
The program, which will adopt the QR Ph digital payment platform, will be launched this week in Parañaque’s La Huerta Public Market.
Yamsuan was co-author of House Bill 8262 which aims to promote the use of digital payments for financial transactions of the government and the public. The bill, along with counterpart measures in the Senate, has remained pending in both chambers.
Yamsuan said familiarizing consumers and merchants alike on the use of cashless payments in public markets, groceries and even local transportation like tricycles would help the country easily transition to a digital economy, as envisioned by President Marcos.
According to the latest available BSP data, 34.3 million Filipinos remain unbanked, which means they do not own a bank account.
