With over P100 billion circulating around the Bangsamoro region, the bulk of which is coming from the automatic block grant of the Bangsamoro government from the national treasury, the Bangko Sentral ng Pilipinas (BSP) has embarked on strengthening the digitalization of financial transactions in the area.
Martin Dominic Reyes, BSP Bank Officer V of the Payments Policy and Development Department, addressed the challenges and opportunities of digital finance in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) in a forum held at the Al Nor Hotel on Tuesday, October 22.
Reyes cited, among others, the “Paleng-QR” program initiative of the Central Bank in pushing for financial digitalization in the area.
The program helps merchants, customers, tricycle drivers, and commuters open transaction accounts for digital payments.
Customers can scan a QR code with their phones to pay for goods and services.
Reyes said the benefits include preventing the spread of counterfeit money and diseases like COVID-19.
“By utilizing GCash, InstaPay and PESONet,” Reyes explained, “businesses in the BARMM can attract buyers from other areas, boosting economic growth.”
However, the BSP official acknowledged the connectivity challenges faced by many in the region, particularly impacting the use of digital wallets like GCash and other forms of digital payment transactions.
Also, while it is easy and convenient for the majority, digital scams are also rampant.
Atty. Johan Gabriel Fabia, Complaints Resolution Officer III, acknowledged the rising cases of financial scams, particularly unauthorized online transactions and phishing schemes.
He assured the public that the BSP is working closely with financial providers to expedite the resolution of such complaints.
“We are coordinating with your financial providers to take immediate steps,” Fabia stated.
He cited the example of gambling websites that compromise accounts, saying that providers are actively addressing these issues to prevent further victimization.
BSP’s presentation underscored the commitment to strengthening cybersecurity, improving digital connectivity, and promoting financial inclusion in the BARMM, aligning with the national digitalization goals set by President Ferdinand Marcos Jr. and outlined in the Philippine Development Plan.
“We have a plan that will help address potential leakages in the system,” Reyes explained, highlighting the BSP’s commitment to safeguarding financial transactions in an increasingly digital world.
The BSP has also emphasized the “anti-discriminatory features” which allow rural banks in the BARMM to participate and offer these services, thereby expanding their reach and contributing to increased economic activity in the region.
Its major goal for the “Digital Payments Transformation Roadmap 2020-2023” aims to convert half of the total volume of retail payments in the country into digital form. (Ferdinandh Cabrera / MindaNews)
