Senate Pushes Measures to Promote Digital Payment Platforms in the Philippines
The Senate is pushing for the approval of two measures to provide faster, safer, and more efficient digital transactions with the public sector in the Philippines.
The proposed bills aim to provide a nationwide spread for the adoption of digital payment platforms and the protection of Filipino consumers against digital financial frauds.
Senate Bill (SB) No. 1764, or the Use of Digital Payments Act, supports the adoption of digital payments across the public and private sectors in the Philippines.
On the other hand, SB No. 2287, or Financial Products and Services Consumer Protection Act, provides more protection to consumers against financial fraud.
The bills were filed by Senator Juan Edgardo Angara and Senator Sherwin Gatchalian, respectively.
Under SB No. 1764, Angara affirms that “Instituting digital payments, particularly in all government agencies, offices, and local government units, is consistent with the thrust to promote ease of doing business.”
He added, “Consumers have experienced the convenience of making digital payments, be it for buying goods, the payment of services, or their monthly bills. Now we want to provide Filipinos the option of doing the same for their transactions with the government so that physically going to and lining up at city hall or other offices will no longer be necessary.”
The National Economic Development Authority (NEDA) ensures that the bill aligns with the Updated Philippine Development Plan 2017-2022.
Meanwhile, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno noted that the proposed bills align with BSP’s roadmap of converting at least 50% of retail payments in the Philippines into digital form.
Diokno added that such measures will significantly improve the country’s status in the World Bank’s Ease of Doing Business Report by reducing costs and transaction time with the government.
Moreover, the Commission of Audit (COA) Chairman Micahel Aguinaldo and Bureau of Internal Revenue (BIR) Caesar Dulay agree with the bills’ ability to induce efficiency and ease transactions between the public and private sectors.
Once enacted into law, SB No 1764 will mandate the utilization of digital payment platforms for the collection of taxes, fees, tolls, imposes, and other revenues, including the patent of goods, services, and other disbursements.
