MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is expecting that the first-ever Cashless Expo will provide more micro, small and medium enterprises (MSMEs) the chance to adopt digital payment schemes to further grow their businesses.
The BSP and the Department of Trade and Industry (DTI) on Tuesday signed the memorandum of agreement for the Cashless Expo 2023, the first of its kind in the Philippines.
BSP Deputy Governor Mamerto Tangonan said the expo would promote the mutual agenda of digital transformation and financial inclusion.
“We believe that this expo will not only provide the opportunity for MSMEs to adopt digital payments, but more importantly, will open opportunities for them to grow their business,” Tangonan said.
“The use of digital payments will open avenues to widen consumer reach and enhance their access to credit,” he said.
Data showed that merchant payments continue to comprise almost 58 percent of the total retail payment volume, with digital payments accounting for 54 percent.
The BSP has been strongly engaging state agencies and other stakeholders to help the government achieve the objectives under the Digital Payments Transformation Roadmap, which targets a financially inclusive and strong digital economy.
“We believe that we can achieve this vision through continuous developments in e-commerce, proactive promotion of consumer welfare, and targeted capacity building especially to the marginalized sectors,” Tangonan said.
The expo is expected to result in the union of commerce and technology, where transaction payments are no longer restricted by the boundaries of physical currency.
Further, the BSP official maintained that the expo would not only promote digitalization and financial inclusion in the local MSME sector but also the craftsmanship, artistry and products of Filipinos.
“Our support to the cashless expo is aligned with our focus to pursue impactful initiatives that can significantly transform retail payments in the country into digital form,” Tangonan said.
The expo is likewise expected to promote consumer awareness and induce trial of digital payments to influence preference by allowing them to experience firsthand the benefits of using digital payments.
