BSP pushes for e-money in Zambales, Palawan

The Bangko Sentral ng Pilipinas (BSP) will expand its campaign on e-money through the Piso Caravan in Olongapo, Zambales, and in Puerto Princesa, Palawan next week.

Through the caravan, the BSP will be accepting damaged or unfit bills and coins or those rusted, tainted, crumpled, or torn in exchange either for fresh money or e-money.

Unfit money from Olongapo residents will be collected by the BSP from July 15 to 19 at the Harbor Point Mall in Subic Bay Freeport Zone. The activity will run from 12 noon to 4 in the afternoon.

A financial literacy session will also be conducted by the BSP for the public on Tuesday, in partnership with the Olongapo-Subic Bay Bankers Association.

Aside from Olongapo, the BSP on Tuesday will also bring the caravan to Puerto Princesa’s Edward S. Hagedorn Coliseum where more Filipinos can exchange their unfit money for fresh money or e-money. They can avail of this service from 9 a.m. to 12 noon.

QR code for payments

Also, the BSP will launch Paleng-QR Ph Plus in the provincial city to encourage Filipinos to use QR code payments on their e-wallets or mobile banking apps to buy goods at public markets.

BSP Deputy Governor Mamerto Tangonan said the government aims to increase digital retail payments to 50 percent of all retail payments in the country this year.

He shared that digital payments already accounted for 42.1 percent of all retail payments in 2022 from just 1 percent in 2013.

E-money enables safe and convenient payments as consumers will not need to carry a lot of cash and heavy coins in physical wallets while vendors will not be forced to look for exact change.

Use of e-wallets

BSP Deputy Governor for Regional Operations and Advocacy Sector Bernadette Romulo Puyat added that the use of e-wallets introduces Filipinos to a range of banking services like loans and investments which can help them build wealth.

Thus, she said rural banks generally have remained profitable, stressing that over 300 rural banks are still operating across the country despite the emergence of e-wallets and other fintech firms.