Cashless transactions from gov’t to farmers pushed
The Development Bank of the Philippines (DBP) on Monday announced an initiative streamlining cashless transactions with farmers by partnering with financial technology firm PayMaya.
The assistance program, which aims to help farmers improve their livelihood and productivity is in line with the central bank’s call to boost financial inclusion in the country.
Farmer-beneficiaries will receive payments for their products as well as disbursements of cash assistance from DBP partners through PayMaya-powered ID cards.
Likewise, the program is seen to help mitigate the impact of the Rice Tariffication Law, in parallel with a more sustainable program to improve livelihood resiliency.
“Giving our farmers much-needed access to financial products to help uplift their livelihood is an important mission for DBP. By employing digital means to deliver crucial financial services to them, we can help boost their productivity, increase their yields, improve their lives, and contribute to the growth of the economy as a whole,” DBP president and CEO Emmanuel Herbosa said.
Under the program, farmer-beneficiaries will receive payments for their products as well as disbursements of cash assistance from DBP partners through PayMaya-powered ID cards.
To complete the digital financial ecosystem, PayMaya said it will tap more businesses that cater to farmers and their families to accept emerging cashless payment options, including PayMaya QR.
It also vowed to mobilize its Smart Padala by PayMaya to serve as “digital outposts” in the communities so farmers and their families can conveniently add or cash-out funds even in areas without ATMs.
According to PayMaya Founder and CEO Orlando Vea, the program will help bring important digital financial services to the agriculture sector.
The initial rollout of the program will target rice and tobacco farmers in Isabela province with the Provincial Government of Isabela and the Nagkaisang Magsasaka ng Isabela Agricultural Cooperative as program partners.