DUTERTE EO TO PROMOTE MORE GOV’T FINTECH USE

FinTech Alliance PH sees quicker and transparent financial transactions with the recent order by President Duterte to adopt digital payments for government disbursements and collections.

In addition, Executive Order No. 170 on the “Adoption of Digital Payments for Government Disbursements and Collections” is seen to make government financial transactions more convenient for the general public.

Angelito Villanueva, FinTech Alliance PH’s founding chair, said that the initiative would “further promote transparency, efficiency and speed in government transactions enabling more Filipinos to conveniently send and receive payments.”

Apart from government agencies, the EO also covers state universities and colleges, government-owned and -controlled corporations and local government units.

The digital payment options include collection of taxes, fees, tolls and other government charges, according to the EO.

Processing of such transactions must be backed by interoperable digital payments solutions and service providers that adhere to the National Retail Payment System Framework.

The private sector group noted that some government agencies, including the Department of Labor and Employment, Department of Social Welfare and Development and the Social Security System, have made strides on this front. These units teamed up with some of FinTech Alliance’s members to allow efficient and quick disbursement of financial aid amid the pandemic.

“Government-to-person and person-to-government transactions remain one of the largest financial transaction use cases that would deliver exponential growth in digital adoption,” Villanueva said.