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November 19, 2020

Digitization of Online Transactions in the Philippines

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COVID 19 has forced Filipinos into a corner, lockdowns kept all stuck at home with not that many options left as jobs have been stopped and transportation suspended. The country’s economy was put to a standstill since March. And during this time, those with the knowledge and tools necessary were able to look for opportunities online. Job alternatives were sought and as a result, financial transactions on the internet soared to an additional 25%. This 25% increase started from January up to the middle of February.

The increase amounted to an estimated worth of PHP 64.62 billion. Finally, the Central Bank of the Philippines is now looking to digitize half of the financial transactions by 2023, according to Benjamin Diokno, the seating governor of the BSP. The House of Representatives also signed a bill to collect tax 12% on all online transactions.

Regardless, right now the main concern for many Filipinos is how to bounce back amidst all the issues hitting the country from the virus to the controversial Philhealth corruption. Due to the lockdowns, many businesses were suspended or closed for good, and so are the jobs that came with those businesses. Many are left to dig into their savings, assuming they even have any, since many Filipinos live on a salary to salary basis.

Business Goes Online

Quarantine levels have been easing for the past few weeks and the economy is slowly going being restored but the threat of the COVID 19 virus is still making it difficult to do anything as many businesses are still operating at half the capacity. The only thing that could probably restore everything back to normal is the vaccine. The Philippine government expects the vaccine, should the trials prove successful, to be available by April of 2021.

But tourism is slowly being restored in some parts of the country on a gradual basis. Many businesses that rely on tourism can’t expect their businesses to boom immediately. Many have resorted to looking for business opportunities online.

Most of the businesses online are in line with selling and buying things, others are selling their errand services. If they have the necessary vehicle, they can offer to do grocery shopping for their clients. Mainstream restaurants have also tapped into this and can deliver food to customers. Takeouts are more common now than they used to be. For the green thumb types, gardening is what they got themselves into with not much to do being stuck at home. A sight of a living plant brings hope to some amidst all the news of death brought about by the disease, it’s pretty much therapeutic.

For many of these businesses, many of them got their start by either digging into their savings or taking out a loan. The latter can be challenging for many, especially since it’s a risk. Most businesses that have to do with food and transportation are likely to succeed the most.

Due to the risk of infection from the COVID 19 virus, the safest means to exchange goods and services is through online transactions, both new and old businesses are slowly putting this into practice. This keeps people from unnecessarily leaving their homes. The very method of exchanging cash is done over the internet so there is no risk of transferring the virus through physical contact. This means of transaction is being encouraged by a lot of local government units.

So getting that loan would have to be done online, whether a person is planning to start their own business or just want to loan a small amount to pay for food or other necessities. But one of the biggest hindrances in acquiring a loan is the stringent requirements. Major banks have to insist on these requirements for their safety so they perform extensive background checks, particularly credit scores.

Digital Loans for Filipinos

Now, there are alternatives available for those who are unsure if they are qualified or not to borrow from a major bank. Robocash is a service that loans cash to anyone who qualifies under a simpler set of requirements.

It is a robotic intellect that automatically provides you with the amount you need. All operations are fully automated, so you do not need to leave home to get a loan. In just 4 minutes you can get up to 25000 pesos on your bank account.

If you have not taken a loan from Robocash before, you can get from 1000 to 10000 pesos for 7 to 15 days. Currently, this online lending gives the opportunity to borrow money online instantly. This is very convenient if you want to try the service of online loan and not overpay.

Especially convenient and valuable is the online lending platform. You do not need to go out of the house and expose yourself to the risk of virus infection.

In order for your loan to be transferred in real time, you need to take only three simple steps. First, register and create an account. Secondly, log in to Robocash and choose the amount you want to borrow, as well as your preferred method of money transfer. Finally, sign a contract with the company to confirm your loan. You will receive a confirmation code via SMS.


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