The Department of Finance (DOF) spotlighted digitalization as one of the major pillars of its policies to make businesses prosper and future-proof the Philippine economy.
DOF undersecretary Charlito Martin R. Mendoza shared the major digitalization initiatives of the agency during the 6th Financial Executives Institute of the Philippines (FINEX) Cebu Summit on Nov. 15..
Across the DOF agencies, he said digital systems are being implemented to reduce friction, increase transparency, and optimize efficiency.
These include digitalization initiatives under Border Security Enhancement, Revenue Collection and Revenue Base Protection, Adaptive Regulations and Compliance Monitoring, Vigilant Enforcement, and Effective Engagement with Stakeholders and Inter-Agency Coordination (BRAVE) to generate much-needed resources for public projects and ensure that legitimate businesses can operate on a level playing field protected from illicit trade and market inefficiencies.
For instance, he said the Bureau of Internal Revenue (BIR) has in place the Enhanced Internal Revenue Stamps Integrated System; a digital framework under the Ease of Paying Taxes (EOPT) Act; the Enterprise Architecture; the upcoming E-Invoicing system; and the Swift Corporate and Other Records Exchange (SCORE) Protocol with the Securities and Exchange Commission (SEC).
For the Bureau of Customs’ (BOC) part, it is implementing the adoption of a digital and integrated system for the Pre-border Technical Verification and Cross-border Electronic Invoicing of all import commodities; the Computer-Aided Risk Management Systems (CARMS) for post-clearance audits; and the enhanced Universal Risk Management System (URMS) to improve technical targeting and fraud detection.
Meanwhile, the Bureau of Local Government Finance (BLGF), BIR, and the Land Registration Authority (LRA) are working on building the infrastructure needed to standardize and digitize property tax records.
“Digitalization solves the many headaches for government tax collection and private sector transactions in all levels and areas of revenue operations and tax administration. We envision a Philippines where big and small companies find ease, speed, and reliability in their engagements with the government,” Mendoza said.
Mendoza also reported that the BOC is working on integrating the ATA Carnet system, also called the International Passport for Goods, into their existing digital system.
“As we work to level the playing field locally, we equally focus on enabling Filipino businesses to expand internationally,” he stressed.
The ATA Carnet bolsters local exporters’ access to international markets by allowing the temporary importation of goods without the financial burden of duties and taxes.
In closing, Mendoza said the government is committed to advancing more digital infrastructure that simplifies regulatory compliance.
“Together, we are building a tomorrow that not only meets today’s demands but also rises to the challenges and opportunities of the future,” he said.
