Bangko Sentral ng Pilipinas Governor Benjamin Diokno expects 30 percent of all financial transactions in the country done electronically by 2020 now that the government launched on Wednesday the Government e-Payments facility.
After a successful pilot run with the Bureau of Internal Revenue on Aug. 15, the facility is being launched as a payment solution that enables a streamlined digitalization of government collections and disbursements.
“… We expect more government agencies and local government units to be onboarded in the coming months,” Diokno said at the sidelines of the launch at the BSP.
“The goal was 20 percent but the new goal is 30 percent by 2020… My guess is that we are already around 30 percent,” Diokno said.
He said with the expected coming of the third telco player in the country, more transactions would be done electronically. “We are currently cash heavy, but we expect to be cash light soon,” he said.
Diokno further said the implementation of the national ID system would help increase the volume of electronics transactions in the future.