By Billy Begas
The House Committee on Banks and Financial Intermediaries has endorsed for plenary approval a measure promoting the use of digital payments for financial transactions of the government and the general public.
House Bill 8992 was a consolidation of six measures authored by Bataan Rep. Joet Garcia, South Cotabato Rep. Ferdinand Hernandez, Ang Probinsyano Rep. Alfred Delos Santos, Surigao del Norte Rep. Ace Barbers, Quezon City Rep. Precious Hipolito Castelo, and Camarines Sur Rep. LRay Villafuerte.
The measure mandates the use of safe and efficient digital or electronic mode of payment by all national government agencies, government-owned and controlled corporations and local government units in the collection of payment of taxes, fees, tolls, imposts and other revenues and in the payment of goods, services, and other disbursements.
It also mandates the Bangko Sentral ng Pilipinas (BSP) to accelerate the adoption of the national quick response (QR) code standard to facilitate inter-operability of QR-driven payment services and eliminate the need for merchants and clients to maintain several accounts.
The local government units (LGUs) are mandated to enact ordinances requiring merchants to install a functional digital payment system as a pre-requisite for the approval or renewal of their business permits.
To support the digitization of financial transactions, the Department of Science and Technology (DOST) and the Department of Information and Communication Technology (DICT) to implement measures to further enhance internet connectivity throughout the country.
Source: Latest Politics News Today (Politics.com.ph)
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