Citing the need to strengthen the country’s connectivity infrastructure to increase digital technology adoption, the Department of Finance (DOF) has announced that the Philippine government is venturing into its first Digital Transformation Development Policy Loan worth $1 billion.
In fiscal year 2021, only 5 percent of LGUs made efforts to accept electronic payments through the Electronic Payment and Collection System, according to the Department of Finance.
Department of Finance (DOF) secretary Benjamin Diokno identified digitalization as the key to transforming the system and eradicating corruption within the Bureau of Internal Revenue and Bureau of Customs.
Department of Finance (DOF) secretary Benjamin Diokno met recently with United States ambassador to the Philippines Marykay Loss Carlson and representatives from the World Bank (WB) to discuss development cooperation in a number of areas, including the digitalization of the local tax system.
Department of Finance (DOF) secretary Benjamin Diokno has urged the Securities and Exchange Commission (SEC) to continue expanding the country’s capital market through digitalization to support economic growth.
The government, however, appears not to be interested in permanently establishing an incentive package for WFH setup with the Department of Finance lauding the decision of BPO firm Concentrix to give up its tax perks in exchange for a continued hybrid work setup for its employees.
IBPAP president and CEO Jack Madrid said that while the group supports the need to fully reopen the economy, BPO employees have an overwhelming preference for a hybrid work arrangement.
Department of Finance (DOF) secretary Carlos Dominguez III has directed the country’s main revenue-generating agencies — the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) — to fortify their respective systems against hacking and other cyber threats as he expressed concern over the increasing number of scams perpetrated online against financial consumers.
Department of Finance secretary Carlos Dominguez III had earlier instructed agencies attached to the DOF and government financial institutions to institutionalize a cybersecurity program through a shared defense strategy.
DOF secretary Carlos Dominguez made the declaration as he signed with US Embassy in the Philippines a $809,450.00 grant agreement for the BIR’s ICT Modernization Strategy and Data Center Project.
