May 25, 2024

Baguio To Adopt Cashless Payments In Markets and Local Transport


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 [2023].

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?

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