Gov’t, bank launch new e-payment facility

The government, together with the Land Bank of the Philippines, launched a new electronic payment facility that allows agencies to complete online purchases for common-use supplies as part of efforts to accelerate the procurement system as well as further promote transparency and accountability.

“This is a groundbreaking feat for the Philippine bureaucracy, especially in view of the wide-ranging reforms that the Aquino administration has successfully instituted over the last two years. The establishment of the e- payment system effectively brings us to the realm of cashless transactions, where procurement activities can be tracked and accounted very quickly and accurately,” said Budget and Management Secretary Florencio B. Abad.

The facility allows agencies to pay for items procured through the virtual store at any time of the day. This reduces the time needed to complete a transaction, which normally involves the processing of financial documents and the preparation of checks. Transactions made via this facility can also be monitored and tracked conveniently through Landbank’s webaccess portal.

“The development of this online payment facility is particularly important for liquidating expenses that are charged against public funds. Because every step of the process can now be tracked and monitored, we can begin to close off all avenues for irregularity and, ultimately, establish better accountability across government,” Abad said.

With this facility, LandBank can now offer similar e-payment services for other government services, such as license applications with the Land Transportation Office (LTO) and clearance applications with the National Bureau of Investigation (NBI), Abad noted.

Aside from this, the Philippine Government Electronic Procurement System is also developing a system that will allow bidders to make electronic payments for membership fees and other charges. This feature is expected to evolve into an online payment system for bid documents.

The Aquino administration recognizes digital technology as a valuable tool for fostering greater transparency and security in financial transactions, particularly in government.

The country has gained recognition from international bodies for pursuing several transparency initiatives, particularly with respect to digital technology.