NextGen Day

To completely accomplish the objectives for financial inclusion, the government’s efforts to further advance the digitization of the financial system, among other things, will be carefully coordinated with the private sector.

Finance Secretary Carlos Dominguez III said the private sector’s knowledge and efforts to embrace digital technologies “will help us foresee the changes in the digital economy” during his address at the virtual Digital Pilipinas inauguration on Thursday.

He said, “The private sector can assist us in providing a more caring policy climate.”

According to Dominguez, having a big population of highly skilled and tech-savvy young people is beneficial to the economy.

“Fintech-focused initiatives may benefit from the intellectual capital provided by the youthful workforce,” he added.

He went on to say, “I am sure that this collaboration between the private sector and the government will assist the Philippines to overcome the digital gap and accomplish President (Rodrigo) Duterte’s objective of financial inclusion for all Filipinos.”

The necessity to accelerate the government’s digitization initiative was heightened by the pandemic, which occurred after the government imposed mobility restrictions to combat illness transmission.

Even when the epidemic struck last year, according to Dominguez, the government was able to collect revenues since the Bureau of Internal Revenue (BIR), among others, had already begun computerized tax collection some years before.

He said that by 2020, 90 percent of yearly income tax returns will be submitted electronically, with the number approaching 100 percent this year.

After adding that just around 10% of taxpayers utilized the electronic tax filing system in 2015, or before the current administration took office, he calls this a “breakthrough.”

Multilateral organizations such as the World Bank (WB), other countries such as South Korea and Russia, and other institutions such as the United States Trade and Development Agency also contributed to these achievements, he said.

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