House approves HB 8992 on 2nd reading

Written by
  • Maria Vinnise Marcelo .
  • 9 months ago

With the vital need to lessen face-to-face transactions during this time of pandemic, the House of Representatives approved Congressman Joet Garcia’s House Bill 8992 or ‘An Act Promoting the Use of Digital Payments for Financial Transactions of the Government and All Merchants’ also known as ‘Promotion of Digital Payments Act’ last Monday, March 22.

Congressman Garcia said that enabling this option of paying digitally may help attain ‘desired financial inclusion to support broad-based economic development and contribute to inclusive growth in the country.’
Hon. France Castro of the Alliance of Concerned Teachers Party List commends said bill saying that this is very timely in the government’s effort to limit movement and save time of the citizens.

Cong. Joet also cited India which is aiming for less cash economy, and now provides more transparent transactions. He also mentioned that H.B. 8992 could help increase revenues and curb corruption in the government as transactions from different digital platforms, which use PESOnet and InstaPay for inter-bank transactions, are regulated by Bangko Sentral ng Pilipinas.

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