In the Philippines’ push for digitalization, President Rodrigo Duterte recently signed Executive Order (EO) 170, which requires the use of digital methods for government transactions and payments.
In the memo obtained by Rappler, it states that the “digitalization of payments is in line with the government’s thrust to develop an inclusive digital finance ecosystem”. This includes making digital transactions more accessible to underdeveloped sectors. It also emphasized that one of the effects of the COVID-19 pandemic is the fast-tracking of digital payment services in doing business and government transactions.
Under the signed EO, covered agencies should be able to distribute funds directly into the transaction accounts of beneficiaries. They are also responsible to provide payment instructions to ensure that the funds are given to beneficiaries.
While the government wants agencies and businesses to adopt digital transactions, it also requires them to have a Business Continuity Plan to ensure that digital payments will not be affected in the event of an emergency or a calamity in the Philippines.
Read the memo below:
Also part of the government’s push for requiring digital transactions is the BSP setting up rules in the digital marketplace. The BIR even formed a special group for digital transactions to help create a working tax structure for it–especially with a big chunk of transactions being done through digital means like via GCash and Maya.
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