The Pantawid Pamilyang Pilipino Program, better known as 4Ps, is the national poverty reduction strategy of the Philippine government. It is implemented by the Department of Social Welfare and Development (DSWD) all over the country.
Typically, a 4Ps beneficiary receives financial aid through an automated teller machine (ATM) card. Recently, however, we learned that DSWD plans to use e-wallets, instead. These digital wallets can be used to send and receive money, pay bills, purchase load and other items, and make other transactions.
4Ps to Receive Cash Aid via e-Wallets Soon
“The wave of the future is cashless transactions,” DSWD Assistant Secretary for Strategic Communications, Romel Lopez, stated in a press release. “This is an upgrade from the 4Ps beneficiaries basic deposit accounts from the current automated teller machine (ATM) cards to electronic or digital wallets such as G-Cash and Pay Maya.”
The Assistant Secretary explained that e-wallets are most beneficial to those who are residing in geographically isolated and disadvantaged areas (GIDA). They would no longer need to head to to the town proper, where the nearest ATM is usually located.
“For GIDA beneficiaries, going to the nearest ATM is costly and hard,” Lopez said. “E-wallets like GCash have thousands of merchant partners, [and this] serves as an easier way to get their regular cash grants.”
Image Credit: Cagayan de Oro City Information Office / Facebook
Digital Financial Literacy Program
In relation to the DSWD’s plan to use e-wallets for 4Ps beneficiaries, a national program was also held. The department carried out simultaneous pilot implementations of the Digital Financial Literacy Program. These were held in five regions, namely: Bicol (Region 5), Western Visayas (Region 6), Eastern Visayas (Region 8), Northern Mindanao (Region 10), and Caraga Region.
The digital financial literacy seminars were held on February 24, 27, and 29. Around 50 beneficiaries attended seminars in each of the pilot areas, including: Bulan, Sorsogon; Iloilo City; Guiuan, Eastern Samar; Cagayan de Oro City; and Esperanza, Agusan del Sur.
Similarly, on February 24, about 58 beneficiaries in the National Capital Region (NCR) attended the Digital Financial Literacy Program held at the DSWD Central Office in Quezon City.
During the program, resource speakers from Landbank of the Philippines (LBP), Bank of the Philippine Islands (BPI) Foundation, as well as e-wallets GCash and Pay Maya — discussed different topics regarding digital financial services.
Image Credit: Department of Social Welfare and Development / Facebook
Financial Inclusion for 4Ps Beneficiaries
“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,” according to Assistant Secretary Lopez.
“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.
Final Thoughts
Indeed, times are changing, including the ways in which we use money. Hence, its is only fitting that 4Ps beneficiaries are provided options such as digital shopping, mobile banking, and the like.
Earlier this year, it was reported that another major change could take place in the program. Officials have stated that the provision of rice instead of cash to 4Ps beneficiaries is being considered. Check out this link to know more about it!