BSP Governor Benjamin E. Diokno said on Tuesday, May 17, that the issuance of Executive Order (EO) No. 170 to expand government’s e-payment transactions will be effective against graft and corruption.
Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said on Tuesday, May 17, that the issuance of Executive Order No. 170 to expand government’s e-payment transactions will be effective against graft and corruption.
The BSP’s DPTR aims to migrate at least 50 percent of all retail payments into digital form by next year, as well as the onboarding of 70 percent of Filipino adults to the formal financial system. By end-2020, the share of digital payments to total financial transactions have increased to 20.1 percent from 14 percent in 2019 and only one percent in 2013 before the DPTR. About 53 percent of Filipino adults have been onboarded as of the first quarter of 2021 from just 29 percent in 2019.
“The EO also requires government agencies to offer digital options for the collection of taxes, fees, tolls, and other government payables. The public, however, may still transact with the government through cash payment,” noted the BSP. The Request-to-Pay facility allows payers to effectively manage recurring, non-urgent bills such as rents, loan amortizations and insurance premiums. The PESONet has recently adopted a multiple batch settlement or MBS scheme.
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