The Land Transportation Franchising and Regulatory Board (LTFRB) said March 13 that it is eyeing digital transaction for the distribution of the cash assistance to the public transportation sector.
LTFRB chairperson, Atty. Vigor Mendoza II, said they have already invited electronic money issuers (EMIs) in the country to be the payment channel provider for the fuel subsidy distribution, worth P5,000, each beneficiary.
“In engaging the services of EMIs, our goal is to ensure an efficient, secure and transparent distribution of fuel subsidy assistance to program beneficiaries,” Mendoza said in a statement.
But he said that they need to validate first the capability of the EMIs to handle such transaction.
The LTFRB has sent a letter to all EMIs accredited by the Bangko Sentral ng Pilipinas to participate in the process by submitting a letter of intent and other documentary requirements proving legitimacy and capability to handle the digital payment.
It is through the submitted documents, as well as other papers that may be required later, which will serve as basis for the LTFRB to determine the capability of the EMIs to participate in the program by serving as payment channel providers.
Transportation Secretary Giovanni Lopez earlier announced the distribution of fuel subsidy starting next week to tricycle drivers in some parts of Metro Manila. Other beneficiaries in Manila and all parts of the country are expected to immediately follow, the LTFRB said.
Mendoza said they chose digital transaction as this was proven effective and efficient in the past fuel subsidy distribution.
Such a method of distribution is the most comfortable way of distribution since there is no need for distribution venues where they would fall in long queues, he explained. ||
