Baguio City is the first local government unit (LGU) to adopt the Bangko Sentral ng Pilipinas (BSP) Paleng-QR Ph which aims to introduce cashless payments in public markets and local transportation.
Department of Interior and Local Government (DILG) Secretary Benjamin Abalos said that the Paleng-QR Ph will “improve Baguio City’s collection systems…eliminate malpractices, speed up payment, and ensure integrity and transparency in transactions, and help protect public health amid the pandemic”.
There is also a proposed local ordinance offering incentives to business owners who will adopt the Paleng-QR Ph.
BSP hopes to onboard at least 70% of Filipino adults by next year .
Editor’s Note: How likely is it that this Paleng-QR Ph will lead to a centralized digital currency? [Read Bank of England propose to use digital money to put “restrictions on people’s freedom” to know how a central bank digital currency can affect our rights].
We know that the BSP was pilot testing a central bank digital currency (CBDC) in April 2022, despite saying in February 2022 that they had no plans on issuing a digital currency. How difficult will it be for them to shift from one digital financial platform to another?