A BILL seeking to promote the use of digital payments was intended to help expand the economic participation of the unbanked, one of its principal authors said.
Representative Ferdinand L. Hernandez, a deputy Speaker, was discussing via e-mail House Bill 8992, which if passed will be known as the Promotion of Digital Payments Act.
“Widening the access to digital payment systems will help us reach members of the population that have otherwise been excluded or unreached by the formal financial system,” Mr. Hernandez told BusinessWorld.
The Bangko Sentral ng Pilipinas estimated that in 2019, the percentage of adults with access to a formal account was 28.6%, a total which may have expanded since the expansion in digital services that accompanied the pandemic.
“During the pandemic, more and more consumers were also looking for ways to transact with businesses that minimize contact. Any small business that has a digital payment option will likely (attract more patronage),” he added.
He said the bill will help the public transact more conveniently with government agencies, which will be required to set up digital payment channels.
The bill was approved by the House on Dec. 3. Its Senate counterpart is currently pending at committee level.
“We hope that the bill can be enacted before the end of the 18th Congress,” Mr. Hernandez said. — Jaspearl Emerald G. Tan
