The Development Bank of the Philippines (DBP) partnered with PayMaya to establish cashless disbursement to increase farmers’ productivity and livelihood.
Moreover, this initiative will boost financial inclusion among the farmers.
As cited in the report of Philippine News Agency, more businesses, especially in retail, food, fuel and utility industries that cater to farmers and their families to accept emerging cashless payment options, including PayMaya QR (Quick Response) will be implemented.
“Giving our farmers much-needed access to financial products to help uplift their livelihood is an important mission for DBP as part of our thrust toward financial inclusion for every Filipino,” DBP President and CEO Emmanuel Herbosa said.
Paymaya’s Smart-Padala, nation-widest partner branch network , will serve as digitial outposts in the community. This will allow farmers to add or cash-out funds conveniently even without ATMS.
“This financial inclusion serves the needs of one of the most underserved sectors of our society, our farmers,” Orlando Vea, founder and CEO of PayMaya, said.
Further, the said project will strengthen the agriculture sector’s digital financial services which attributes to the economic growth of the country.
“By employing digital means to deliver crucial financial services to them, we are able to help boost their productivity, increase their yields, improve their lives, and contribute to the growth of the economy as a whole, Herbosa said.
Respectively, the rice and tobacco farmers in Isabela province, with the provincial government of Isabela and the Nagkaisang Magsasaka ng Isabela Agricultural Cooperative (NMIAC) as program partners.will be the first beneficiaries of the project.
“DBP and PayMaya are partnering with the provincial government of Isabela to efficiently disburse the proceeds of the province’s share in the excise tax collections on burley and native tobacco among farmers in the region through PayMaya-powered ID cards,” the Philippine News Agency reported.