Bill seeks digital payment integration – BusinessWorld Online
A BILL seeking to mandate the adoption of digital payment methods for transactions in the government and all merchants has been filed in the Senate, aimed at modernizing payment systems, reducing reliance on cash, and improving transparency.
“It promotes the adoption of digital payments across government and private sector transactions while ensuring that such adoption is inclusive, interoperable, and aligned with existing regulatory standards,” Senator Emmanuel Joel J. Villanueva said in the explanatory note of Senate Bill No. 1821.
The proposed measure mandates national government agencies, government-owned or -controlled corporations, foreign-based Philippine government agencies, local government units (LGUs), State Universities and Colleges, and Local Universities and Colleges to use digital payment systems for the disbursement of government funds.
It also orders all government entities to offer digital payment options for collection of taxes, fees, tolls, imposts, and other revenues.
LGUs are also encouraging merchants in their jurisdiction to adopt digital payments through monetary and non-monetary incentives, and capacity-building.
“Government entities may adopt incentive frameworks to encourage digital payments, including reduced transaction fees for fees for micro-payments, administrative incentives, and financial and digital literacy programs,” the bill states.
The bill penalizes noncompliance with a fine of P200,000 to P2 million or imprisonment of not less than three years up to 10 years.
Public officer or employee held liable will also face perpetual or temporary disqualification from public office — Adrian H. Halili