BSP, DTI to fast track digitalization, modernization of Bulacan Public Markets

SAN RAFAEL, Bulacan (PIA) — The Bangko Sentral ng Pilipinas (BSP) and Department of Trade and Industry (DTI) have joined forces in fast tracking the digitalization and modernization of public markets in Bulacan.

The Bangko Sentral ng Pilipinas will pilot the Paleng-QR Plus at San Rafael Public Market in San Rafael, Bulacan. It is a recipient of the Department of Trade and Industry’s Huwarang Palengke Small Public Market category in 2023. (Shane F. Velasco/PIA 3)

BSP will pilot the Paleng-QR Plus at San Rafael Public Market, a recipient of DTI’s Huwarang Palengke Small Public Market category in 2023.

San Fernando Branch Bank Officer Ma. Lourdes Laconsay said the Paleng-QR Plus is one of the strategies of BSP to boost its digitization initiatives for the payment system of the country by 50 percent or above.

This is part of BSP’s expanded supervisory powers to all financial institutions such as payment system operators, money service businesses and credit-granting businesses as mandated by Republic Act 11211, otherwise known as the New Central Bank Act of 2019.

Laconsay clarified that even though the Paleng-QR Plus is set to be operationalized in Bulacan, consumers can still pay in cash.

“Paleng-QR Plus serves as an option and seamless alternative digital payments or electronic payment platforms that operate cashless transactions,” she said.

Financial service providers such as the one used in the Paleng-QR Plus shall be authorized by BSP to transact through digital payments at digital solutions under Republic Act 11127, otherwise known as the National Payment Systems Act of 2018.

QR Code is just one of the popular digital solutions authorized by the BSP.

It also includes electronic fund transfers, electronic bill payments and auto-debit arrangements.

For digital payments, BSP approves E-Wallet, credit and debit cards, chip-and-pin, mobile money, online payment, watch and contactless payments.

Relative to this, DTI will start the implementation of its Market Modernization Program.

DTI OIC-Assistant Regional Director and concurrent Bulacan Provincial Director Edna Dizon said that part of modernizing the public markets is the inclusion Paleng-QR Plus in the criteria of Huwarang Palengke.

The full implementation of Paleng-QR Plus will also help in the implementation of consumer protection laws such as Republic Act 10909, otherwise known as the No Shortchanging Act of 2016.