Finance Secretary Benjamin Diokno said the government remains committed to invest in the digital economy as he highlighted the valuable role of technology in finance.
“Technology has a well-defined role in the world of finance. It facilitates a more inclusive and efficient financial system. The Philippine government is committed to making foundational investments in the digital economy. We will need the best technologies, ideas and people to ensure that Filipinos have access to vast opportunities at their fingertips,” Diokno said in the recent Digital Banking Asia Conference.
Diokno shared that the government advocates the rapid adoption of fintech, recognizing that the digital transformation of the country’s financial systems will lead to greater financial inclusion and opportunities.
For instance, the Department of Finance is closely monitoring the digitalization of its main revenue generating agencies.
The Digital Transformation Program of the Bureau of Internal Revenue aims to transform the agency into a data-driven organization. Revenue workers will be digitally empowered to deliver quality public service and enhance the overall taxpayer experience.
The Bureau of Customs (BOC) worked with the United Nations Economic and Social Commission for Asia and the Pacific to establish a national action plan for cross-border paperless trade.
The World Bank also financed the Philippine Customs Modernization Program that is now transforming the BOC from a manual paper-based organization to a digitalized one.
“By 2024, we expect to fully modernize the BOC in accordance with international standards,” Diokno said.
Digital banks are on the rise with the Bangko Sentral ng Pilipinas developing a digital financial marketplace model.
The government is also expediting the rollout of the Philippine Identification System to enable seamless financial transactions and more efficient distribution of social services.
The government likewise aims to convert at least half of all retail transactions volume into digital form and onboard 70 percent of Filipino adults to the formal financial system by 2023. – Angela Celis
