The Bangko Sentral ng Pilipinas (BSP) is encouraging all ninongs, ninangs, titos, titas and would-be moñitas and mañitas to go cashless when giving Christmas gifts this year.

In a Monday advisory, the central bank reiterated its commitment to promoting digital payments throughout the holiday season.

“The BSP also encourages the public to use digital or e-money as cash gifts to their godchildren, family, and friends. Using e-wallets and online banking offers a safe and more convenient way to send cash gifts during the Christmas season,” the BSP said.

Wider adoption of cashless transactions

The central bank has been actively pushing for wider adoption of cashless transactions, with a target of 60 percent to 70 percent of total retail transactions to be conducted through digital payment channels by 2028.

Recent BSP data shows that digital retail payments already accounted for 57.4 percent of total transaction volume in 2024, exceeding the earlier 52–54 percent target set under the Philippine Development Plan (PDP).

This target forms part of the BSP’s broader payments modernization agenda and is anchored in key policy frameworks such as the Digital Payments Transformation Roadmap and the National Strategy for Financial Inclusion (NSFI) 2022–2028, which the BSP chairs.

It is also aligned with the Philippine Development Plan 2023–2028, ensuring consistency between central bank initiatives and national development objectives.

Reduce reliance on cash

By aiming for a 60–70 percent share by 2028, the BSP seeks to further reduce reliance on cash, improve payment efficiency and security, and expand financial inclusion by bringing more individuals and micro, small, and medium enterprises into the formal financial system.

This effort is supported by interoperable platforms such as InstaPay, PESONet and Paleng-QR Ph.

The BSP has also continued to roll out Paleng-QR Ph in partnership with local government units (LGUs) and other government agencies to promote QR-code-based payments among small merchants — particularly public market vendors and local transport operators.

Paleng-QR Ph Plus

Originally launched in 2022, Paleng-QR Ph Plus is a joint initiative of the BSP and the Department of the Interior and Local Government (DILG).

The program promotes the use of the QR Ph national standard for digital payments among market vendors, tricycle operators, and other small local businesses, offering safer and more convenient transactions while advancing financial inclusion.

The Metro Manila Council endorsed the Paleng-QR Ph Plus initiative during its 4 November meeting.

As of 31 October 2025, more than 750 LGUs nationwide have adopted the program, according to the BSP.

The central bank recently also signed a memorandum of agreement with the Department of Information and Communications Technology, formalizing their partnership in support of the BSP’s continuing digitalization initiatives.