Iloilo City Introduces Cashless Payment in Terminal Market

Iloilo City, Philippines – Iloilo City’s terminal market has embraced digitalization with the launch of the Paleng-QR (quick response) Ph Plus program, offering a more efficient and secure payment method.

According to Philippines News Agency, the program, developed by the Bangko Sentral ng Pilipinas (BSP) and the Department of the Interior and Local Government (DILG), aims to enhance the use of digital payments in the city. BSP Deputy Governor for Regional Operations and Advocacy Sector Bernadette Romulo-Puyat, in her virtual message, highlighted the various benefits of the Paleng-QR Ph Plus, including convenient cashless transactions, reduction of counterfeit currency risks, and lower transportation costs. The program also enables vendors and suppliers to develop a financial footprint, facilitating easier access to credit. As of November 13, 1,625 vendors at the terminal market and 1,870 tricycle drivers have adopted the Paleng-QR Ph Plus system. Iloilo City Mayor Jerry Treñas encouraged the adoption of digital payments to simplify business operations in the city. Maricel Mabaquiao, head of the Local Economic Enterprise Office managing the city markets, clarified that the QR-Ph is optional for vendors and is part of the city’s broader initiative towards market rehabilitation. The program’s implementation in the Iloilo Terminal Market is the first step in this digital transition, set to be extended to other markets in the city.