There will be more digital payment transactions in government agencies as the Bangko Sentral ng Pilipinas (BSP) encourages more offices to use EGov Pay.
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. That’s true that we are ahead of other government agencies (in terms of electronic payments strategies) but we encourage the whole bureaucracy to join us in that 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 PHP1.429 million to PHP12.848 million during the same period.