Maya leverages QR Ph to expand digital lending

Filipinos are moving away from cluttered counters of competing QR codes as the new unified QR Ph system simplifies payments nationwide. Behind this shift is Maya, the Philippines’ leading Digital Bank and Payments Processor, which has captured 45% of the market share in peer-to-merchant (P2M) QR Ph transactions as of October 2024.

“As the first to adopt QR Ph for Peer-to-Peer (P2P) and P2M, we’re fully behind the move to a universal QR Ph. It’s the foundation for an inclusive digital economy,” said Shailesh Baidwan, Maya Group President and Co-Founder of Maya Bank. “More than simplifying payments, QR Ph is a gateway to financial services, enabling Filipinos to access credit and other essential tools for their financial journey.”

QR Ph: Building an Inclusive Financial Ecosystem

Introduced by Bangko Sentral ng Pilipinas (BSP), QR Ph unifies fragmented payment systems to streamline both consumer and business transactions. Before its implementation, businesses struggled to manage multiple proprietary QR codes, often leading to a cumbersome checkout experience.

Now mandated by the Philippine Payments Management, Inc. (PPMI), all merchants are required to use a unified QR Ph standee, easily identified by its white background, blue, yellow, and red logo, and “SCAN NA ALL!” tagline.

Consumers can pay at any participating store using any banking or e-wallet app.

• Universal Compatibility: QR Ph works with over 30 financial apps, giving consumers the freedom to choose how they pay.
• No Fees: Payments are free for both consumers and merchants.
• Security: Regulated by the BSP, QR Ph ensures the same level of security as cash or card payments.

This move is significant in a country where, as per BSP’s 2021 Financial Inclusion Survey, over 90% of Filipino payors still use cash for in-store purchases. By offering a universal digital payment system, QR Ph marks a step toward a more inclusive financial ecosystem.

More than Payments

Maya has been an early adopter and advocate for QR Ph in P2M transactions, using its leadership in this space to drive cashless adoption and bring more businesses into the digital economy. Its platform empowers everyone — from micro-entrepreneurs to large enterprises — to accept payments both online and offline, eliminating the complexity of managing separate QR systems.

In addition to simplifying transactions through QR Ph, Maya utilizes transaction insights generated solely from its own customers’ QR Ph payment activities. By combining this data with AI-driven models, Maya assesses the creditworthiness of its users and extends loans to underserved sectors, addressing broader challenges in financial access.

This approach has enabled Maya to extend credit to over 1.4 million borrowers, 50% of whom are receiving their first formal loan through the platform. By September 2024, Maya reported cumulative loan disbursements of P67 billion, underscoring its growing role in fostering financial inclusion.

Maya is the #1 Fintech Ecosystem in the Philippines, with Maya Bank, the #1 Digital Bank, and Maya Business, the #1 Omni-Channel Payment Processor. Maya Bank is a digital bank regulated by the Bangko Sentral ng Pilipinas (BSP), with deposits insured by the Philippine Deposit Insurance Corporation (PDIC) up to P500,000 per depositor.

To learn more about Maya, check out maya.ph and mayabank.ph. Follow Maya at @mayaiseverything on Facebook, Instagram, YouTube, and TikTok and @mayaofficialph on Twitter.

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SM Development Corp. (SMDC) marked a historic milestone at the 19^th PropertyGuru Asia Property Awards Grand Final, with Chairman Henry T. Sy, Jr. and Vice-President Jessica Bianca Sy earning prestigious accolades for their groundbreaking contributions to real estate and community development. This remarkable father-daughter achievement highlights SMDC’s unwavering dedication to building sustainable, inclusive communities that uplift Filipino lives.

Henry T. Sy, Jr.: Honored with the Icon Award for Building a Nation of Homeowners

As SMDC celebrates its 20^th anniversary and commemorates the 100^th birth anniversary of the late Henry Sy, Sr., Chairman Henry T. Sy, Jr. was awarded the 2024 PropertyGuru Icon Award. This honor reflects his visionary leadership in championing accessible homeownership and transforming the real estate landscape.

“My father once said, “To serve the Filipino people has always been my greatest joy,” Sy shared. “His vision taught us that business is not just about profile but about service. At SMDC, owning a home means more than a place to live — it represents security, dignity, and the foundation for a brighter future.”

Under Sy’s leadership, SMDC has redefined urban living with world-class, disaster-resilient, and eco-friendly communities designed for affordability and accessibility. These developments empower families to thrive in a rapidly evolving world, blending innovative solutions with sustainability at their core.

“This recognition belongs to everyone who shares our dream of creating a better tomorrow for Filipinos,” Sy remarked, emphasizing the collaborative spirit behind SMDC’s success.

Jessica Bianca Sy: Redefining Communities and Empowering Women

Jessica Bianca Sy, SMDC’s Vice-President and Head of Design, Innovation, and Strategy, was celebrated as one of Asia’s Power Women, a distinction that honors her leadership in crafting inclusive, eco-conscious developments and advocating for gender inclusivity in real estate.

“My father taught me that true success lies not in personal milestones, but in creating meaningful impact,” Jessica shared, reflecting on the values that guide her work.

As a trailblazer in urban development, Jessica has been instrumental in shaping communities that prioritize people and the planet. Her efforts to champion diversity in the workplace — particularly in architecture and design — underscore her belief that innovation flourishes when inclusivity thrives.

“When women support each other and work alongside men who champion their growth, we create a future where collaboration and inclusivity thrive,” she shared.

A Shared Vision of Purpose and Progress

The dual recognition of Henry T. Sy, Jr. and Jessica Bianca Sy reinforces SMDC’s mission of transforming lives through real estate. As the company marks two decades of excellence, these awards serve as a testament to its commitment to creating communities where Filipinos can live with dignity, security, and hope.

SMDC’s transformative impact extends beyond buildings; it fosters progress, inspires innovation, and empowers generations to come. These accolades are a celebration of leadership rooted in purpose and a vision that continues to shape a better future for all.

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Proper mindset can help taxpayers comply with tax obligations diligently and properly

The Bureau of Internal Revenue (BIR) has turned more aggressive in chasing tax violators, whether businesses or individuals. Why is it difficult for many ventures and people to comply with the requirement to pay proper taxes?

For seasoned taxation and corporate lawyer Ma. Louella ‘Peaches’ M. Aranas, there should never be any issue if organizations and individuals diligently and correctly comply with this obligation to the nation.

“It has often been said, ‘Taxes are the lifeblood of a nation.’ To put that in a relatable context, our bodies will not function properly and we can even die if we don’t have enough blood going through our system, carrying oxygen and nutrients to the different organs,” Atty. Peaches starts to explain.

“Without taxes, the different government agencies will not function properly, and government services will not be provided to the people. Utilities and basic necessities [services] will not be available; roads and airports will not be built; we will not have policemen or firemen to secure lives and properties. We will not have teachers to educate children, nor will have doctors, dentists, and nurses to take care of our physical health,” she continues.

Tax and civilized society
Atty. Peaches reiterates that taxes are what citizens pay for them to be able to live in a civilized society. “Without taxes, a nation will suffer and perish,” she adds to emphasize the importance of complying with the obligation. At the same time, the tax lawyer reminds that paying the right and correct amount of taxes is key to avoiding problems with the tax collectors.

Employees don’t usually have tax problems as income taxes are automatically deducted from their salaries. The pitfalls are encountered by businesses and individuals who voluntarily pay taxes on their own.

“I advise businesses to be compliant with the requirements of the law and more importantly to pay the correct taxes. I believe that it is advantageous for businesses to partner with their tax lawyers to ensure that they are compliant with the law. Much like an executive checkup, it is advisable for corporations to do a tax diligence review every year,” she advises. Logically, the idea also applies to high-tax-paying individuals.

Resolving tax conflicts
To date, among the most persistent taxation issues that corporations and even individuals face is when the BIR imputes additional income based on the agency’s own audit findings. In such cases, the additional income means that there is additional tax to be paid. This usually constitutes deficiencies in taxes demanded by the BIR.

Atty. Peaches reminds everyone that the law is always there to guide and support taxpayers, even those who are facing problems with the BIR. “I believe that taxpayers should avail of the remedies given by the law to them. This includes remedy in the form of judicial recourse. If the BIR makes a wrongful or erroneous tax ruling, I do agree that this should be challenged before the Court of Tax Appeals,” she explains.

Atty. Peaches is the Founder and Managing Partner of LMA Law, a law firm focusing on taxation and corporate law. She is also a Co-Founder and CEO of Alternative Center for Continuing Education and Seminar Solutions, Inc. (ACCESS), a pioneer in online and on-demand programs covering Mandatory Continuing Legal Education (MCLE) in the country. At the same time, she is a faculty member of the Lyceum of the Philippines University College of Law, where she teaches tax laws.

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