GCash, the undisputed leading and preferred mobile wallet in the Philippines, has started the registration of the recipients of the Department of Social Welfare and Development’s (DSWD) P16.27-billion Social Amelioration Program (SAP) to facilitate the quick disbursement of financial assistance to beneficiaries.
GCash started funding the mobile wallets of beneficiaries from Quezon City, Caloocan City, and Makati City. The beneficiaries from other cities and provinces from seven regions will also receive their financial assistance soon.
GCash is still waiting for the complete list of recipients from other local government units (LGUs) so that they can register them as recipients of the second tranche of SAP.
“Our goal is to quickly facilitate the registration and disbursement processes to help provide relief to those who were adversely affected by the pandemic. We will continue providing the government with necessary tools and platforms to help win the fight against COVID-19 ,” Luigi Reyes, VP for Enterprise and Head of GCash For Business, said.
The amount to be disbursed to beneficiaries’ GCash wallets range from P5,500 to P8,000, depending on the area.
The DSWD tapped GCash to the second tranche of SAP, along with other financial service providers that were endorsed by the Bangko Sentral ng Pilipinas (BSP). Around 2.5 million beneficiaries will receive their financial assistance via GCash.
Cash has provided its disbursement platform to the DSWD for free.
Aside from cashing out their financial assistance from partner establishments such as Puregold, Villarica Pawnshops, as well as ATMs through their GCash MasterCard, beneficiaries of the second tranche of the SAP may use their mobile wallets for a variety of financial services.
GCash empowers users to pay for physical and online transactions to over 75,000 merchants, transact with over 400 billers, and transfer funds to over 40 banks in the Philippines. GCash users may also use their GCash wallets to buy airtime load, save money, invest in money market funds, and purchase insurance products.
By partnering with GCash, the government is also promoting financial inclusion, as GCash offers various financial tools and services to its users such as credit, savings, insurance, and investments.
Since the start of the community quarantine, GCash has enabled other national government agencies and local government units in distributing financial aid to Filipinos adversely affected by the national health situation.
GCash has so far disbursed close to P2 billion in financial aid to more than 335,000 Filipinos, including beneficiaries from Makati City, Quezon City, and Pasig City, as well as those under the lists of the Department of Transportation-Land Transportation Franchising and Regulatory Board, and the Social Security System.
“We will soon disburse the financial aid to the other regions, pending the go-signal from the DSWD. For now, we are assisting the government in hastening the registration process for the intended beneficiaries so that we can efficiently distribute the financial assistance to more people,” Reyes said.
READ MORE: GCash Powers SAP 2nd Tranche
Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc.
GCash is available for download on the App Store and Google Play.