More Transactions Processed Through EGov Pay, Says BSP

According to the Bangko Sentral ng Pilipinas (BSP), usage of the digital payment system for government services has increased significantly. Based on the data reported by the BSP, there were 91,000 transactions done through EGov Pay as of end-2021, accounting for a 467% rise compared to 2020. Additionally, the value of transactions likewise grew to ₱246 million in 2021, a 300% increase from the ₱61 million in 2020.

“The sustained increase in the use of EGov Pay, even after mobility restrictions were lifted, proves the shifting preference of consumers toward greater adoption of digital payments,” explained BSP Governor Benjamin Diokno. The most common payments processed through EGov Pay include fees for government clearances and taxes.

The number of government billers on the system has also increased. EGov Pay was launched in 2019. At the time, it only consisted of two government billers. In end-April of this year, an additional 484 billers have since been onboarded to the system. Among these other government agencies and offices are provincial and local government units, state colleges and universities, and water districts.

EGov Pay allows government institutions to collect revenues more efficiently. The system also enables a better audit trail and enhanced transparency while mitigating revenue leaks. These would then translate to better delivery of public and social services. It also makes formal financial and payment services more accessible, convenient, and safer for every Filipino — particularly those that are considered vulnerable and underserved.

Earlier this month, President Rodrigo Duterte also signed Executive Order (EO) 170, which instructs government agencies to adopt digital payments. In general, this EO forms part of the government’s efforts to develop an inclusive digital finance ecosystem.

Source: Manila Times