In its continuous goal to accelerate the distribution of financial assistance to the indigent beneficiaries of its various programs, the Ministry of Social Services and Development (MSSD) has adopted a digital or over-the-counter payment system through the Financial Assistance System Transformation (FAST) Project. As part of this initiative, the Ministry organized a three-day financial inclusion and literacy caravan for 800 persons with disabilities (PWDs) held at the Cotabato City Government’s Hall Grounds from June 14 to 16, 2023.
These participants are beneficiaries of the Kalinga para sa may Kapansanan Program of MSSD, implemented under the Older Persons and Persons with Disability Welfare Program (OPPWDWP). They are expected to receive Php 6,000 each, which covers their monthly subsidy for one year.
The opening program included presentations on the overview of digital financial literacy and the FAST Project’s roadmap, as well as messages of support from key officials of MSSD, the City Government of Cotabato, and different partner financial service providers (FSPs).
A ceremonial signing of a memorandum of agreement (MOA) between MSSD and the partner FSPs was conducted to formalize the collaboration. The partner FSPs also presented their products and services and set up booths to assist the beneficiaries with digital enrollment and account registration.
The event was attended by various key officials from the Ministry, including Minister Atty. Raissa H. Jajurie, Deputy Minister Nur Ainee Tan Lim, Director General Muhammad Muktadir Estrella, Finance Management Support Services Division (FMSSD) Chief Hamodi Tiboron, Disaster Response Management Division (DRMD) Chief Hasim Guiamil, and OPPWDWP Focal Person Sandra Macacua.
Also present during the event were Dr. Judit Dolot, Mindanao Regional Director of Bangko Sentral ng Pilipinas, Abdulwahab Midtimbang, Administrator of the Cotabato City Government, Asrap Abubakar, representative of the Office of Social Welfare and Development Services (OSWDS), and Mohammad Abqary Alon, Operations Consultant of the FAST Project.
Among the partner FSPs who participated in the caravan’s kick-off and expressed their messages of support were Landbank of the Philippines, Amanah Islamic Bank, Palawan Pawnshop, Cebuana Lhuillier, MLhuillier, Development Bank of the Philippines, G-Cash, Maya, Asian United Bank, Rizal Commercial Banking Corporation (RCBC), and Universal Storefront Services Corporation (USSC).
In her message, Minister Jajurie highlighted the advantages of this innovation for all the parties involved. “It’s a win for the beneficiaries because the cash assistance will be faster and more convenient for them. It’s a win for MSSD because there’s no need to have a mass gathering to conduct payouts, and there’s also an assurance that the aid will directly reach the beneficiaries. And it’s a win for the FSPs because this is also a form of business for them due to the large number of clients they will cater to. At the same time, they can also help the indigent sectors in the community,” said Minister Jajurie.
The FAST Project, a digital payment innovation implemented and pioneered by the FMSSD of the Ministry in BARMM, aligns with the Bangsamoro Government’s Enhanced 12-point priority agenda of BARMM under the category of digital infrastructure and e-governance.
This digital transformation is also in accordance with Executive Order No. 170, s. 2022 (Adoption of Digital Payments for Government Disbursements and Collections), which is part of the government’s efforts to promote financial inclusion and improve the delivery of social services to the most vulnerable communities in the region.
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