The House of Representatives on Thursday, March 25 approved on final reading a bill that seeks to promote electronic and digital payments for transactions in government agencies. 

House Bill 8992, or the “Promotion of Digital Payments Act” seeks to “facilitate transactions, arrangement or exchanges of goods and services by promoting the universal use of safe and efficient digital payment in financial transactions of the government and general public.”

Under the bill, all government agencies, government-owned and -controlled corporations and local government units are required to use electronic means of receiving payments. Fees like taxes, fees, tolls, imposts, revenues are to be paid digitally.

The bill also allows electronic payments for goods and services, as well as other government spending.

The Bangko Sentral ng Pilipinas (BSP) was mandated to promote financial and digital literacy to protect customers and boost public confidence on virtual payments. 

The BSP noted has noted a 5,678-percent increase in digital payment use in 2020 due to limited movement caused by the coronavirus pandemic. Ian Gabriel Trinidad