The Bangko Sentral ng Pilipinas (BSP) is encouraging more government agencies to use the EGov Pay to enable more digital payment transactions in the public sector.
In a virtual event titled “Advancing E-Payments via Public-Private Partnership” hosted by the Makati Business Club (MBC) on Wednesday, Oct. 28, BSP governor Benjamin Diokno said there are over 280 government agencies and local government units (LGUs) using the electronic payment system.
“That number is increasing, but we encourage the whole bureaucracy to join us in EGov Pay,” he said.
EGov Pay was launched in November 2019 as a payment solution for streamlining and digitization of government collections and disbursements. It is aimed at addressing leaks in government revenue collections and ensuring transparency.
Since its introduction, the electronic payment system has registered a 688-percent rise in transaction volume from 162 to 1,277 as of end-June this year.
In terms of value, it posted a 799-percent increase from P1.429 million to P12.848 million during the same period.
Among the payment transactions that use the system include payment for taxes, licenses, and permits.
Agencies that are currently part of the EGov Pay include the Bureau of Internal Revenue, Philippine National Police, Environmental Management Bureau, and the Overseas Workers Welfare Administration. — Joann Villanueva (PNA)
The post BSP wants entire gov’t bureaucracy to use EGov Pay facility appeared first on Newsbytes.PH.
Source: Newsbytes Philippines
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