Transactions in Iloilo City’s public markets will soon be safe, faster and convenient with the introduction of the Paleng-QR PH, a cashless payment option, starting at the Iloilo Terminal Market.

Local Economic Enterprise Office (LEEO) head Maricel Mabaquaio, in an interview on Wednesday, said the Paleng-QR PH is an initiative of the Bangko Sentral ng Pilipinas and the Department of the Interior and Local Government that promotes cashless payment and helps accelerate financial inclusion.

“This is cashless payment transaction option when buying at our public market. We will launch that in our terminal market and replicate in other public markets,” she said.

Mabaquaio said they are waiting for an ordinance for the initiative to be officially launched but have already started with the preparations, including the opening of accounts with financial service providers (FSPs) conducted on Monday.

Among those that participated were the Maya, Landbank of the Philippines, Asia United Bank, and Banco de Oro.

Before the account opening, the financial service providers gave interested vendors training on how they can utilize the cashless payment option and generate QR code.

“This is a safe, convenient and fastest way option although we still accept cash. With this our buyers have an option, especially our guests and tourists who wanted to transact cashless,” Mabaquaio added.

Meantime, the ordinance for the introduction of the cashless payment option is at the committee level of the Sangguniang Panlungsod and is expected to be passed this month. (PNA)