The Department of Finance (DOF) has announced that it will soon roll out PHPay, an online payment system that will facilitate digital transactions across various government agencies.
“[It] will cover the development of a payment gateway and a payment ledgering management system for the whole of government,” said DOF Undersecretary Gil Beltran in a statement.
Through PHPay, clients will be able to move funds electronically to settle transactions with government offices. Among these transactions that the system will be able to process are tax payments to the Bureau of Internal Revenue (BIR).
Such a system aims to improve the ease of doing business in the country, an agenda being aggressively promoted by the current administration. In the Ease of Doing Business Summit held last June 2017, Department of Trade and Industry secretary Ramon Lopez revealed that the government is aiming for the Philippines to rank 20th in terms of doing business by 2020—a significant jump from its current rank of 113th out of 190 countries, according to the latest report by the World Bank.
As well, DOF’s PHPay project resembles smaller-scale initiatives in select local government units (LGUs) across the country. An event held by the National Competitiveness Council (NCC) last August 2017 highlighted the cities of Makati, Quezon, Valenzuela and Cagayan de Oro as examples of LGUs that have rolled out a digital platform enabling online transactions, and the NCC urged other LGUs to follow suit.
Lorenzo Kyle Subido is a staff writer of Entrepreneur PH