The e-wallet service used to distribute P50 billion in pandemic cash aid in 2020 was an electronic money issuer registered with the Bangko Sentral ng Pilipinas, BSP Governor Benjamin Diokno said Friday.
Diokno made the remark after it was alleged in a Senate inquiry that Starpay only had a capitalization of only P62,000.
“Starpay is licensed as an EMI (electronic money issuer) by the BSP,” Diokno told GMA News Online.
Senator Manny Pacquiao claimed in a Senate hearing that Starpay had only P62,000 start-up capital when the Department of Social Welfare and Development tapped the e-wallet service to distribute over P50 billion for the second Social Amelioration Program (SAP) in 2020.
“It is not true that its paid-up capital is only P62,000. As an EMI, it has complied with the required capitalization of P100 million,” Diokno said.
Early this week, senators grilled DSWD officials over its partnership with financial service provider (FSP) Starpay for the distribution of billions worth of financial aid to families affected by the COVID-19 pandemic.
Pacquiao, in particular, argued that only a few people had downloaded the Starpay app as compared to the reach of other financial service providers like G-Cash and PayMaya.
The senator also questioned the financial standing of Starpay, which he claimed incurred losses in 2020 but still managed to get more than P50 billion from the government.
In response, DSWD Secretary Rolando Bautista said all their actions and decisions on the SAP distribution through FSPs were assisted by the BSP.
Starpay has since disputed Pacquiao’s claims, saying it complied with the P100 million required capitalization to apply for an EMI license. -NB, GMA News
BSP: Starpay a licensed EMI with required P100 million capital
Source: News Panda Philippines
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