Amid Pacquiao allegations, Starpay maintains integrity in cash aid distribution

Starpay Corporation on Monday maintained its financial integrity, disputing claims made by Senator Manny Pacquiao in connection with the firm's e-wallet service, which partnered with the Department of Social Welfare and Development (DSWD) to digitize financial aid distribution during the pandemic.

Over the weekend, the senator said DSWD provided P207.6 billion for the second round of the social amelioration program. Of this amount, Pacquiao claimed that the DSWD routed more or less P50 billion to Starpay, which he said had only P62,000 in start-up capital.

However, Starpay, a licensed electronic money issuer being supervised by the Bangko Sentral ng Pilipinas, pointed out that the required capitalization to apply for an EMI license is P100 million.

"Senator Manny Pacquiao’s statement during his press conference that our current capitalization is P62,000 is incorrect, while the correct and accurate figures are easily verifiable with the Securities and Exchange Commission," the firm said in an e-mailed statement to GMA News Online.

As for unserved SAP beneficiaries, Starpay said it already liquidated the funds given to them and refunded it through several checks valued at P8.239 billion, which was given to DSWD's  Land Bank account.

In a previous statement, DSWD confirmed this, adding that Starpay refunded the amount for unserved beneficiaries after the partnership was terminated in April 2021. 

Over five million  beneficiaries also received their cash assistance through Starpay, the corporation said.

"With our large partner network, we were able to expand and assist several million more beneficiaries to receive their much needed amelioration," it added. — BM, GMA News