Duterte EO on gov't digital payments to 'reduce' corruption: Bangko Sentral

ABS-CBN News

Posted at May 17 2022 05:19 PM

MANILA - Among the benefits of utilizing digital payments in government transactions is reducing the risk of corrupt practices, the Bangko Sentral ng Pilipinas said Tuesday.

On Monday, President Rodrigo Duterte, in his Executive Order No. 170, ordered the adoption of digital payments for government disbursements and collections.

In a statement, BSP Governor Benjamin Diokno said this would also expedite transactions and generate more income.

“Digital collection of payments will expedite transactions, generate savings for the government and the public, and reduce the risk of graft and corruption," Diokno said.

The measure orders government agencies to offer digital payment options, digital disbursements as well as collections. It however ensured that the public will still be able to transact in cash.

“EO 170 provides robust support to BSP’s efforts in promoting payments digitalization and financial inclusion under the Digital Payments Transformation Roadmap (DPTR) and the National Strategy for Financial Inclusion (NSFI),” Diokno said.

The central bank aims to digitalize 50 percent of payments and encourage 70 percent of the adult population to open bank accounts by 2023.

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