Jeonju to Expand Issuance of Sarang Gift Certificates to Boost Local Economy

50 Billion Issued... 1 Million Won Recharge Limit Per Person

Jeonju City in North Jeolla Province announced on the 2nd that it will expand the issuance of Jeonju Love Gift Certificates, a local currency unique to Jeonju, this year to revitalize the local economy.

The city plans to begin issuing this year’s Jeonju Love Gift Certificates (Dwaeji Card) starting at midnight on the 6th.

Image of Jeonju Sarang Gift Certificate. Provided by Jeonju City.

Initially, due to a reduction in local allocation tax and challenging financial conditions, the city planned to issue Jeonju Love Gift Certificates worth 150 billion KRW this year. However, in order to revive stagnant local commercial districts and accelerate economic recovery, the issuance scale has been increased to 200 billion KRW.

In particular, ahead of the Lunar New Year holiday, the city will significantly expand the issuance to 50 billion KRW just for this month to stimulate domestic demand and speed up the recovery of the local economy, which has been sluggish due to political instability.

Additionally, the individual recharge limit has been set at 1 million KRW, double the usual 500,000 KRW.

The city plans to issue 135 billion KRW out of the total planned 200 billion KRW in the first half of the year to boost the recovery of the local economy. If the central government allocates additional funds in the supplementary budget, the issuance scale will be further increased to bring more vitality to the local economy.

To ensure more citizens can participate, the city is notifying local currency subscribers of this month’s recharge details via the Jeonju Love Gift Certificate app and KakaoTalk AlimTalk. More detailed information can also be found on the app’s notice board.

Since its first issuance in November 2020, Jeonju Love Gift Certificates have attracted about 342,000 subscribers and are accepted at approximately 29,000 affiliated stores. This local currency has helped prevent outflow of funds and contributed to revitalizing the local economy.

Moreover, users and affiliated stores of Jeonju Love Gift Certificates often donate cashback or a portion of their sales to help neighbors in need.

Last year, the total amount donated was 42.5 million KRW. These donations are used for social welfare projects based on agreements between the city and the Jeonbuk Community Chest of Korea.

A city official stated, "Amid economic downturns caused by reduced consumption and political instability, we hope that the significant increase in purchase limits for the Lunar New Year will ease the burden on citizens and boost sales for small businesses, allowing the local economy to recover quickly in the new year."

Meanwhile, the Jeonju Love Gift Certificate ‘Dwaeji Card’ is a prepaid rechargeable card-type gift certificate that can be applied for and issued via the mobile app or designated financial institutions.

This content was produced with the assistance of AI translation services.