THE Department of Finance said it is working on creating a policy environment that will give digital finance a bigger place in the economy.
“The administration of President Ferdinand Marcos, Jr. is determined to harness this technological wave to fuel the Philippines’ growth momentum. We are establishing a fertile policy space that allows for a sustainable digital finance ecosystem to take root and thrive,” Finance Secretary Benjamin E. Diokno said in a speech at the Singapore FinTech Festival Industry Collaboration launch.
“That is why we are aiming to broaden public access to information by observing open data formats, lowering barriers to internet connectivity, and boosting broadband access,” he added.
Mr. Diokno said the government will invest in assets to “meet the requirements in the domestic backbone and middle-mile segments (and) encourage infrastructure-sharing among industry players.”
Five infrastructure flagship projects address digital infrastructure needs, with an indicative cost of $1.7 billion. Mr. Diokno said that four of these are ongoing while one is in the preparatory stages.
Mr. Diokno also called on the private sector to ramp up support for digital infrastructure.
“Fintech offers solutions that could augment business services and products as well as reach previously unbanked segments of the population,” he said.
“This extended reach and accessibility calls for a strong and adequate consumer protection regime for financial services. Consumer trust is essential for the sound deepening of our financial systems,” he added.
Mr. Diokno said that they will also “aggressively pursue the digital transformation of government agencies.”
He cited agencies like the Bureau of Internal Revenue and Bureau of the Treasury, which have expanded their digital platforms. — Luisa Maria Jacinta C. Jocson