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BSP Highlights Advantages of E-Payments for Government Procurement

04.11.2019

BSP Highlights Advantages of E-Payments for Government Procurement

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno cited the advantages of using electronic payments for government purchases during the “2019 Procurement Summit” held recently in Quezon City. According to Governor Diokno, “The Philippine government, as the single largest buyer in the domestic market, may leverage on the payment and settlement systems already existing under the regulatory framework of the BSP.” He said the use of e-payment systems serves as a better alternative to the paper-based check system and enables government agencies to conveniently initiate recurring or routine vendor payments from the government to suppliers’ or service providers’ bank accounts. The summit was organized by the Government Procurement Policy Board (GPPB) and the GPPB-Technical Support Office.

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