During a meeting with PSAC Digital Infrastructure Cluster, which includes PSAC convenor and president and CEO of the Aboitiz Equity Ventures Inc. Sabin Aboitiz, Union Digital President and CEO Henry Rhoel Aguda, Bank of the Philippines Islands COO Ramon Jocson and PLDT Inc. President and CEO Alfredo Panlilio, recommendation to further improve the country’s digital infrastructure and how government agencies may help educate Filipinos to engage in cashless transactions was discussed.
PSAC Member Ernest Cu, president and CEO of Globe Telecom, described the use of quick response (QR) codes and other digital payment apps as something like a “home run” for the government, saying that they are excited to start serving the public markets using QR codes.
“We have to do it. It’s a grassroots level approach. There are also videos on YouTube and we also have Tiktok to get people to educate themselves. And if you use the app regularly, you will see it being offered to you on the app,” Cu said, noting the country’s very high technology adoption rate.
The chief executive expressed support to Paleng-QR Ph Plus initiatives developed by the Bangko Sentral ng Pilipinas and the Department of the Interior and Local Government (DILG) in 2022 that aim to build the digital payments ecosystem in the country by promoting cashless payments including in public markets and local transportation, particularly tricycles.
The PSAC noted that the adoption of QR codes and use of digital payment apps will make savings and loan applications in banks a lot easier for the public, especially the farmers, fisherfolk and small businesses.
It said it could also eliminate the 5-6 lending and similar money lending businesses thus making the cost of running MSMEs, which are the main drivers of the economy, go down.
The PSAC also made new recommendations for the President’s approval, including the adoption of the National Cybersecurity Plan (NCSP) 2023-2028 and the Connectivity Index Rating System.
Marcos signed an executive order directing all government offices as well as local government units to adopt and implement integrated financial management information system in their transactions to hasten the delivery of public service. (SunStar Philippines)