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E-invoicing is important, according to a bank executive.

MANILA, Philippines โ€” Close coordination between the government and the private sector, according to a bank executive, will result in a more successful shift toward digital payments.

Ramon Duarte, Executive Vice President and Head of Transaction Banking and Platform Development at Union Bank of the Philippines (Unionbank), said the bank, along with other financial institutions, is collaborating with the government on the issuance of digital receipts.

Despite the fact that processes, payments, and financing platforms have transitioned to digital, he emphasized that paper receipts are still needed.

This “increases friction” and “creates a slew of problems,” he said.

“That’s one reason why customers are still resisting electronic payments,” he continued. “They prefer kaliwaan (direct exchange of goods or money) so they can be confident they’ll obtain their resibo (receipt).”

In keeping with the government’s goal of digital transformation of tax administration, the Department of Finance (DOF) hopes to complete the full transition to an e-invoicing system by December of this year.

“We continue to work with major industry players, major businessesโ€ฆto help communicate the urgency and need for this because if we can address this issue of e-receipt and e-invoicing, it will really help accelerate the adoption of SCF (supply chain financing), digital payments, (and) onboarding (of) digital transformation,” Duarte said.

“It will have significant consequences and benefits” if this offer is successful, he stressed.

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