Finance Secretary Benjamin Diokno said that the government will accelerate the rollout of the Philippine Identification System (PhilSys ID) to expand public access to financial products and services and achieve e-governance.
Former President Rodrigo Duterte had previously issued an executive order to institutionalise the acceptance of the Philippine Identification (PhilID) or PhilSys.
This would enable the use of PhilID and PhilSys as sufficient proof of identity and age in all government and private transactions.
He added that the Bangko Sentral ng Pilipinas (BSP) is in a better position to address cybersecurity concerns and enhance consumer safety within the digital financial system now that the Financial Products and Services Consumer Protection Act has been approved into law.
“These policy efforts are aligned with the BSP’s goals to digitalise half of all retail payments and onboard 70 percent of Filipino adults to the formal financial system by 2023. At the height of mobility restrictions, enterprises explored new digital approaches to keep their heads above water.
Specifically, the rapid adoption of digital payments has facilitated the growth of e-commerce and propelled the shift to a more cash-lite economy,”
said Secretary Diokno.
Secretary Diokno said that stronger consumer preference for digital payments will help MSMEs tap into new markets, expand their distribution channels, and streamline their transaction systems.
He added that the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) are fast-tracking the full digitalisation of the government’s revenue systems to increase tax effort and promote ease of business.
