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Filipino Farmers to Gain Financial Access Via Digital Financial Services

Photo Credit: Development Bank of the Philippines

The Development Bank of the Philippines (DBP) has partnered with an online payment account company to answer the government’s call of boosting financial inclusion and efficient delivery of public services to the Filipinos.

As reported, the partnership is for DBP’s assistance program, which aims to help Filipino farmers by digital financial services to improve their livelihood and productivity.

Cashless Disbursements

  • Under the program, farmer-beneficiaries will receive payments for produce as well as disbursements from cash assistance from DBP-partner local governments and organisations through their PayMaya-powered ID cards.
  • Cashless disbursement platforms will also be provided to the partner organisations.
  • To complete the digital financial ecosystem, the company will enable more businesses, which cater to farmers and their families, to accept cashless payment options, including PayMaya QR.
  • The company will also mobilise its Smart Padala nation-widest partner branch network to serve as “digital outposts” in the communities in order for the farmers and their families to conveniently add or cash-out funds, even in areas without ATMs.
  • Giving the farmers much-needed access to financial products to help uplift their livelihood is an important mission for the Bank.
  • This is financial inclusion at its finest and most relevant, serving the needs of one of the most underserved sectors of the society.
  • The project brings important digital financial services to the Philippines agriculture sector, serving as building blocks toward the growth of the economy.

Empowering Farmers in Isabela for Financial Inclusion

The initial implementation will be targeting rice and tobacco farmers in Isabela Province.

Program partners include the Provincial Government of Isabela and the Nagkaisang Magsasaka ng Isabela Agricultural Cooperative (NMIAC).

The Isabela Prosperity Program, which is the pilot, will cover two sets of farmer beneficiaries: tobacco farmers covered by the Isabela Province Tobacco Farmers Proceeds and rice farmer members of NMI Agri Coop.

They are partnering with the Provincial Government of Isabela to more efficiently disburse the proceeds of the province’s share in the excise tax collections on burley and native tobacco among farmers in the region.

This initiative will help boost both the productivity and the competitiveness of farmers in the province because they will be provided with crucial financial services, powered by technology, which can help with their farm livelihoods.

Delivering Efficient Public Service to Filipinos

The program partners will also conduct relevant digital and financial literacy campaigns to spur adoption and build overall financial inclusion in the communities.

By equipping farmers with these ID cards, they are able to gain instant and convenient access to a “starter” financial account, which can help them with their day-to-day transactions.

This also provides the gateway for them to avail of other financial products and services.

The partnership also provides DBP and its partners with a seamless, convenient, and transparent means to disburse funds, loan proceeds, and other payments to their partner-beneficiaries, allowing for greater operational efficiencies and security.

It also extends the reach of DBP to communities with limited bank branch and ATM presence.

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