Sen. Sonny Angara issued a bill that streamlines the digitalization of government and business transactions in a bid to establish seamless digital payments in the country amid the pandemic.
Under Senate Bill 1764 or the Use of Digital Payments Act of 2020, national government agencies (NGA), government-owned and controlled corporations (GOCC), and local government units (LGU) would be mandated to “utilize safe and efficient digital payment” in all of its revenues, business transactions, services, and other disbursements. The bill also compels these sectors to adopt a bank or account-based mode of payment for recipients to receive government payments.
The creation of the bill aimed to address the inefficient and time-consuming mode of cash payments, to which the COVID-19 stressed “the need to institute digital payment systems and to have every Filipino benefit from cashless transactions,” said Angara.
Angara pointed out the surge of digital payments in the country at a rate of 27% to 30% compared to the 25% average of neighboring Asian countries.