BSP Says EGov Pay’s Transactions Showed 467% Growth Since 2021by Fintech News Philippines May 27, 2022
The use of EGov Pay, a system that enables digital payment for government services, jumped by 467 percent to over 91,000 transactions at end of 2021 from around 16,000 transactions a year earlier, according to the Bangko Sentral ng Pilipinas (BSP).
The BSP also reported that the value of EGov Pay transactions increased by 300 percent, from around Php 61 million in 2020 to nearly Php 246 million in 2021.
The most common payments processed through EGov Pay are fees for government clearances as well as taxes.
From only two government billers when the facility was launched in 2019, 484 billers have been onboarded to EGov Pay at end-April this year.
The billers include provincial and local government units, state colleges and universities, water districts, and other government agencies and offices.
By participating in EGov Pay, government institutions can efficiently collect revenues and curb revenue leaks through a better audit trail, and enhanced transparency.
Recently, President Rodrigo R. Duterte signed an executive order mandating the adoption of digital payments for government disbursements and collections by all departments, bureaus, offices, and agencies, including government-owned or -controlled corporations.
This is in line with government’s thrust to develop an inclusive digital finance ecosystem consistent with the BSP’s Digital Payments Transformation Roadmap 2020-2023 and the National Strategy for Financial Inclusion 2022-2028.
“The sustained increase in the use of EGov Pay, even after mobility restrictions were lifted, proves the shifting preference of consumers towards greater adoption of digital payments,”
said Benjamin E. Diokno, Governor of BSP.