PLDT Inc, Manila Electric Company (Meralco), and Metro Pacific Investments Corporation (MPIC)’s DigiCo has agreed to acquire a 10% interest in CIS Bayad Center, Inc. (Bayad) to help accelerate the country's shift to digital payments.
Bayad, formerly known as Bayad Center, is the pioneer in the outsourced bills payment collection service in the Philippines. Collecting for more than 400 private and government institutions into its robust system, Bayad is currently used by over 120,000 major retail establishments, neighborhood stores, as well as leading fintech and electronic money institutions across the country.
“Since revolutionizing outsourced payment collections in the Philippines 27 years ago, Bayad has remained a pillar of financial inclusion. We bridge the gap between consumers and businesses by providing accessible, reliable, and impactful payment solutions. Our success is a testament to the unwavering trust placed in us by billing institutions, government agencies, payment channels, and the Filipino public. We are humbled by DigiCo's confidence in our vision to empower Filipinos financially. Together, Bayad and DigiCo look forward to building a future that fosters not only the digital and financial well-being of the MVP Group, but of the entire nation,” shared Bayad President and CEO Lawrence Y. Ferrer.
DigiCo Chief Commercial Officer Kat Luna-Abelarde underscored, “DigiCo plans to leverage its expertise and resources to support Bayad’s growth trajectory while exploring and unlocking synergies in the MVP Group. This is the latest milestone on our journey to drive new, innovation-led growth, and is aligned with the MVP Group's support for the Government's overall digitalization push, including financial inclusion for Filipinos across the nation."
DigiCo also invested in Multipay Corp. (Multipay), a wholly-owned subsidiary of Multisys Technology Corp., (MTC).
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