The Market Monitor Minding the Nation's Business
To kick off the traditional month-long celebration of the National Rice Awareness Month, the Department of Agriculture presented its digitalization strategy for the Masagana Rice Industry Development Program (MRIDP) to ensure that farmers are included in the formal financial system and their transaction with government become real-time, cashless, hassle-free and transparent with no delays that usually beset them in the past years.
Director Glenn Estrada who heads the MRIDP digitalization strategy emphasized the urgency for farmers and the entire agriculture valjuch chain to “not only keep pace but become front-runners in embracing technological advancements.”
He said the Cashless Expo 2023, to be held at the World Trade Center on November 17 to 19 “represents a monumental step in this journey, converging the robustness of digital payment platforms with the day-to-day transactions of our agricultural community.”
For our farmers and agricultural stakeholders, this initiative transcends the mere adoption of a new way to transact financially but symbolizes a transformative leap towards achieving greater economic resilience, inclusivity, and empowerment, Estrada added.
By integrating digital payments, we are offering our farmers and MSMEs the tools to directly access markets, financial services, and government support with unprecedented ease and security. It mitigates the risks of handling cash, reduces transaction costs, and saves valuable time—all critical factors in enhancing the profitability and sustainability of agricultural livelihoods.
The DA’s participation in the Cashless Expo is a testament to our commitment to enhance service delivery and operational efficiency. “Through digital payments, we aim to streamline subsidy distributions, financial aid, and other support services, ensuring that assistance reaches our farmers swiftly, transparently, and directly.”
As we celebrate NRAM, it is fitting to highlight how digital payment systems can revolutionize the rice industry, from the way our farmers sell their produce.
DA’s partners in Cashless Expo 2023 are the GoDigital Pilipinas, the Department of Trade and Industry (DTI), Bangko Sentral ng Pilipinas, GCash, Pay Maya, PLDT, Union Bank and other stakeholders in spearheading the digital transformation within the agricultural sector through a robust participation in the upcoming Cashless Expo 2023.
A booth with various food products from different regions of the country can be bought at the expo without the transfer of hard cash but just ewallets and credit cardfs or money transfers to ensure the safety of both merchandizers and consumers.
We envision a future where the farmer in the most remote barangay has the same access to digital financial services as the urban entrepreneur. The convergence efforts we are championing today are not just about technology; they are about equality, access, and creating a level playing field for all, Estrada said..
The DA, he added, is “fully committed to this cause, and we will continue to collaborate, support, and innovate for the benefit of our beloved farmers and the nation. We stand at the cusp of a new era in agriculture, and together, we will harness the power of digitalization to secure a prosperous, inclusive, and sustainable future for all Filipinos.”