DSWD to utilize e-wallets for 4Ps cash aid

The Department of Social Welfare and Development will begin to utilize e-wallets for the beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps).

According to a statement on Friday, the DSWD believed that the use of e-wallets would be more helpful to beneficiaries located in geographically isolated and disadvantaged areas (GIDA), as opposed to ATMs that they would have to visit in town.

“The wave of the future is cashless transactions. This is an upgrade from the 4Ps beneficiaries basic deposit accounts from the current automated teller machine (ATM) cards to electronic or digital wallets,” DSWD Spokesperson and Assistant Secretary for Strategic Communications Romel Lopez said.

The DSWD also conducted Digital Financial Literacy Programs, in partnership with the Landbank of the Philippines (LBP); Bank of the Philippine Islands (BPI) Foundation; Ayala Foundation; GCash; and Pay Maya, in several regions from February 24 to February 29 for their beneficiaries in preparation for the program’s e-wallet migration.

In said programs, speakers from several digital financing platforms discussed their financial services for more efficient use.

“Since 2019, the DSWD has been embarking on financial inclusion initiatives to ensure that all 4Ps beneficiaries have fully functioning transaction accounts that they can utilize to help them save money and empower them to become more financially independent,” Lopez said.

“With the pilot implementation of the Digital Financial Literacy Program in the Family Development Sessions (FDS) of 4Ps household-beneficiaries, we are further capacitating them about the basics of financial literacy such as mobile banking, budget and savings, and consumer protection, among others,” he added. — DVM, GMA Integrated News