Mobile Money in a Poor Fishing Municipality in the Philippines

Abstract

The study examined the use of mobile money in a poor fishing municipality in the Philippines. Specifically, it aimed to describe the socioeconomic profile of selected poor fishing households in Garchitorena, located in the region of Bicol; to explore the processes and uses of mobile money; and to examine the adaptability of mobile money in the community. Mobile money, according to respondents, was more reliable, safe, and relatively less expensive than the traditional method. It was greatly beneficial to an archipelagic municipality where physical transfer of persons, goods, services, and money was extremely difficult. People got easily accustomed to it because it readily accommodated small money transactions and entailed relatively low cost. It was easy to adapt because cell phones were affordable and accessible. For micro enterprises, it was very helpful for daily replenishment of inventory and money transfer in times of business emergency. Government organizations should improve existing infrastructures that support the use of telecommunications technology. To increase the potential of mobile money as a tool for financial inclusion of the poor, industry players can increase the number of cell sites so that more residents of island barangays would have access to the technology very positively.