Cash aid distributed via GCash hits P 1.8B

Financial aid disbursements through GCash have reached more than P1.8 billion, the digital payments firm said.

GCash is one of the companies tapped by the Philippine government to distribute aid to Filipinos in need during the new coronavirus pandemic. It said in a statement some 335,000 Filipinos have received aid in this manner.

“The government has realized that financial technology is no longer just a means for convenience, but it is now a necessity,” GCash president and CEO Martha Sazon said.

“We continue to facilitate the distribution of financial aid to more Filipinos nationwide,” she added.

GCash is led by the Ayala Group’s Globe Telecom and Chinese billionaire Jack Ma’s Ant Financial.

It said local government disbursements had accounted for P1.5 billion. Another P300 million was made through the Department of Social Welfare and Development.

“As a strong government partner, GCash supports the government in its efforts to curb the spread of the virus. Through our safe, secure, transparent and convenient platform, we have lessened the need for physical distribution centers, reducing the risk of transmission,” Sazon said.

For payments and online transactions, GCash’s network spans 75,000 merchants, 400 billers and partnerships with over 40 banks in the Philippines.

GCash also allows users to buy airtime load, save money, invest in money market funds and purchase insurance products.

“We can only beat this virus through collective efforts. We look forward to serving more Filipinos through these partnerships with the government,” Sazon said.