The Manila Times

DoF aims to digitalize 50% of retail payments

TIZIANA CELINE PIATOS

THE Department of Finance (DoF) wants to digitalize half of all retail payments and onboard 70 percent of the adult population into the formal financial system by 2023.

The Finance department made the announcement after the World Bank expressed a desire to assist the Philippine government in digitizing services and modernizing the bureaucracy.

Finance Secretary Benjamin Diokno and World Bank Group country director Ndiame Diop recently discussed further alignment and collaboration between the Philippines and World Bank in line with the socioeconomic priorities of the Marcos administration.

According to the DoF, the World Bank is now funding the Philippine Customs Modernization

Program with $88.28 million to help digitalize the Bureau of Customs (BoC).

The program’s primary goal is to transform the BoC from a primarily manual and paper-based organization to one that is fully modernized by 2024.

According to the DoF, the administration of President Ferdinand “Bongbong” Marcos Jr. is putting into practice an extensive eightpoint socioeconomic plan. These include steps to maximize digitization for bettering tax administration and expanding financial inclusion.

Diokno noted that the World Bank is ready to help modernize the civil service and further digitize tax collection institutions to support the President’s initiative.

The department mentioned the Civil Service Commission’s project to reform the civil service.

Diokno stated during the meeting that such a step is crucial in efforts to modernize the government and rightsize the bureaucracy.

Meanwhile, Diop reiterated the World Bank’s ongoing commitment to the Philippines as evidenced by the bank’s increased support for the country.

The World Bank is the nation’s third-largest official development assistance (ODA) partner as of March 2022, providing loans and grants totaling about $6.86 million, or 23.38 percent of all ODA.

Since 2021, or throughout the last three administrations, the bank has backed 68 government programs and project loans totaling $14.9 billion.

The bank is now helping implement 15 ongoing program and project loans totaling $4.96 billion in transportation, rural development, disaster risk reduction and management, social protection and Covid-19 response.

The current administration has several programs and projects in the works, including health and nutrition, education, renewable energy, fishing, transportation, tourism, agriculture and additional financial sector reforms.

Meanwhile, the DoF is also considering using the bank’s resources to help with natural disasters like the recent powerful earthquake that hit northwestern Luzon.

Business Times

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2022-08-12T07:00:00.0000000Z

2022-08-12T07:00:00.0000000Z

https://digitaledition.manilatimes.net/article/281801402739293

The Manila Times