GCash, the undisputed leading and preferred mobile wallet in the Philippines, has been tapped by the Department of Social Welfare and Development (DSWD) for the disbursement of P16billion of financial aid to over 2.4 million beneficiaries from seven different regions in the country.
Through its partnership with GCash, the DSWD will be releasing the second tranche of its Social Amelioration Program for beneficiaries Nationwide.
The amount to be disbursed to beneficiaries’ GCash wallets range from P5,500 to P8,000 depending on the area. GCash is allowing the DSWD to tap its platform for the disbursement for free.
“We at GCash believe in the value of partnerships, especially during times of great need. By providing the government with a safe, secure, transparent, convenient, and free disbursement platform, we are helping the Philippines win against the pandemic,” GCash President & CEO Martha Sazon said.
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.
They also have the option of cashing out their financial assistance from partner establishments such as Puregold, Villarica Pawnshops, as well as ATMs through their GCash MasterCard.
Aside from disbursing the second tranche of SAP, GCash has also been assisting other national government agencies and local government units in distributing financial aid to Filipinos adversely affected by the national health situation.
So far, GCash has disbursed close to P2 billion in financial aid to more than 335,000 Filipinos. Among its government partners are Makati City, Quezon City, and Pasig City, as well as the Department of Transportation-Land Transportation Franchising and Regulatory Board, and the Social Security System.
“We are happy to see that our platform is being used for the good of the many, especially those who are most in need. With GCash, we are providing a better alternative to physical distribution of cash aid, which can pose great health risks not only for beneficiaries, but also to government employees and volunteers,” Sazon said.
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.