Benigno S.

Aquino National High School

San Nicolas Poblacion Concepcion, Tarlac

I. EXECUTIVE SUMMARY

Project Title : E-money as a Mode of Payment

To our Local Vendors.

Project Proponent : Romar Jian G. Salas

Mikhaela P. Vicente
Kim Maja S. Valencia
April Rose Lumen S. Turla
Roxanne Jehan G. Salas
Gillian S. Tolentino
Justine S. Vega
Julianna B Nicolas
Krisha Mae Nicole C. Tipay

Project Location : Benigno S. Aquino National High School

Implementing Agency : Senior High School Department

(11-Onyx)

Cooperating Agency : Benigno S. Aquino National High School

 II. Proposal Paper
A. Rationale

COVID-19 pandemic greatly affects the livelihood of the Filipinos. Non-

professional workers are the most affected by this pandemic because of the significant
job and income losses, communities are at risk of further increases in poverty. Due to
the health protocol days the government decided to close the public area where a lot of
Filipinos make a living due to the health protocol.

In August 2020, job losses were particularly severe in the construction sector (56%)
and public transportation (52%) while cumulative job losses were seen among informal
workers such as laundry women, hairdressers, and workers in small canteens; and in
informal retail like “sari-sari” stores, street vendors, and markets. The farming sector also
saw significant job losses reported in 70% of communities in formal agriculture and 61%
in small-scale farming.

Street, sari-sari and walking vendors drastically increased Due to the job loss, many
Filipinos started to make money by selling their product and services. During the General
Community Quarantine (GCQ) Our government allowed Filipinos to go outside their
home, but they need to wear face mask and face shield and constantly observing social
distancing. Because of this circumstance jobless Filipino took the opportunity to sell their
products. Everyday a lot of vendors are shouting their product or others are using lapel.
Street vendors are also increasing, if you come into our town or in the plaza the street
vendors also increased.

We cannot deny the fact that the increasing number of our local vendors might also
increase the number of scammers too. Because of the pandemic, number of scammers also
increase because they loss their job and they do not think another way to earn money. We
do not like these scammers because they are scamming the product of our local vendors.
These scammers using a fake money to pay or they are confusing the vendors. For example,
the vendor gave them the correct exchange, but these scammers are good in
communication, they can confuse the vendor saying that their money is one thousand pesos
even his money is only one hundred. Another example, after the vendor gave the change
they set aside some amount and they will be asking why they change is inadequate and
they will argue the vendor until the vendor will give them another change to avoid
arguments.

To find a solution for this problem. We students of Benigno S. Aquino National

High School proposed an implementation of E-money as a mode of payment to our local
venders, an implementation which helping our local vendors to have secured from
scammers.

Electronic money (e-money) is broadly defined as an electronic store of monetary

value on a technical device that may be widely used for making payments to entities other
than the e-money issuer.

Electronic money has many names, like e-money, digital money and e-currency. It
is a type of money that is digitally stored compared to tangible paper or coin currency. You
can easily use e-money via online and wireless transfers. E-money is the easiest way to
make purchases and to receive payments anytime, anywhere, 24 x 7, 365 days of the year.

Every vendor must have a digital wallet where customers will transfer their
payment. Digital wallet is free to use like GCASH and PAYMAYA. Low end cellphone
can run these kinds of digital wallet.

“The spread of e-money products is also expected to continue growing as both

merchants and consumers increasingly show confidence with the technology and as mobile
phones remain a viable and preferred payment channel,” Plabasan said.

The advantages of e-money as a mode of payment, there is a record of every

transaction, so the vendor has a very low chance of being scammed. The vendors do not
need to worry about the change, because in e-money the consumers will pay the exact price.
It is very fast in in transaction of e-money it will take only a couple of seconds. It is also
safe from the virus because money can contaminate with bacteria and viruses.

If the vendors are not aware of these kinds of transaction, the LGU will assist the
vendors or it will have a seminar on how e-money works and how safe it is. We are in the
millennial generation it means our technology grows fast. We should cope up with the
technologies and use this as an advantage in securing our vendors from being scammed.
Vision

Forms of using e-money will continue to evolve as a payment to our local vendors to avoid
being scammed.

Mission

To ensure that the monetary of our local vendors is secured.

Goals

This project focuses on our community. It helps our local vendors to secure their
earnings from other scammers. This project makes the transactions of the vendor to its
consumer faster and recorded. There is no real money on every transaction because it is
converted into e-money it means the scammer cannot scam our vendors by paying them a
fake money of asking for change even though vendor gave the correct change.

Objectives

1. To reduce the risk from scammers.

2. To have fast transaction of the vendors and to their consumers.
3. To have records on their transactions.
4. The consumers pay the exact amount without worrying for their exchange.
5. To reduce risk of spreading the virus in our money.
II. Project Needs and cost

Need

For this project to be implemented, it will require every vendor to download a free
to use e-wallet and ours it can run on any kind of cellphone. The best example of e-wallet
is GCASH and PAYMAYA. It will also l requires an e-money exchange area wherein we
can exchange our money into e-money. Exchange area of e-money is not a problem in our
town because where ever you go around our town there I a lot of exchange area. Our group
will conduct a survey if our vendors, including all kinds of vendors are able to meet these
requirements. The group will ask for the assistance of the Local Government Unit of
Concepcion, Tarlac. The e-wallet is required for the vendors and consumer. The vendors
do not need internet connection to check the payment of the consumer because the e-wallet
will send a message to the number registered to the e-wallet.

Cost

This project will require a functional cellphone where e-wallet will be downloaded.
Today’s generation, every person in our town has a cellphone so there is no need to buy a
cellphone for e-wallet. This project will cost PHP 200 load monthly for able open the
downloaded e-wallet. There is free internet connection in our town plaza where most of the
local vendors located it means they do not need load 200 pesos monthly. The internet or
mobile data are not a problem in our town. Because of the pandemic most of the houses
out town have an internet connection.

References:

https://www.investopedia.com/terms/e/electonic-money.asp

https://dig.watch/issues/cryptocurrencies#:~:text=Examples%20of%20e%2Dmoney%20a
re,on%20the%20card%20issuer's%20computers

https://www.philstar.com/business/2021/06/09/2104024/e-money-transactions-jump-61-
p239-trillion-
2020#:~:text=MANILA%2C%20Philippines%20%E2%80%94%20Electronic%20money
%20transactions,transactions%20accelerated%20amid%20the%20pandemic.

https://corporatefinanceinstitute.com/resources/knowledge/finance/electronic-money/