BSP: “Digital collection of payments will expedite transactions, generate savings for the government and the public, and reduce the risk of graft and corruption.”
BSP — Here’s what the Bangko Sentral ng Pilipinas said after President Rodrigo Duterte issued an executive order allowing the adoption of digital payments for government collections and disbursements.
On Tuesday, May 17, BSP Governor Benjamin E. Diokno said that the issuance of Executive Order (EO) No. 170 to expand the government’s digital payment (e-payment) transactions will be effective against graft and corruption.
The Executive Order, signed on May 12, ordered the adoption of digital payments for government collections and disbursements.
Also, the Executive Order allows government entities to include in their respective budgets a reasonable amount for the establishment and maintenance of required infrastructure and the system for digital payments.
According to Diokno, the digital collection of payments will generate savings for the government and the public, will expedite transactions, and will reduce the risk of graft and corruption.
Diokno added that it will provide robust support to the central bank’s efforts in promoting payments digitalization and financial inclusion under the National Strategy for Financial Inclusion (NSFI) and the Digital Payments Transformation Roadmap (DPTR).
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The central bank’s Digital Payments Transformation Roadmap aims to migrate at least 50% of all retail payments into digital form by 2023, as well as the onboarding of 70% of Filipino adults to the formal financial system.
Meantime, the National Strategy for Financial Inclusion is the country’s blueprint to achieve financial resilience for every Filipino.
The central bank has recently updated the NSFI objectives for another 6 years in order to focus more on MSMEs (micro, small and medium enterprises), start-ups, and agriculture financing.
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