The United States Agency for International Development (USAID) on Wednesday announced the successful completion of its E-PESO, a six-year project aimed at promoting broad-based economic growth and financial inclusion through the use of digital payments in the Philippines.
“The partnerships we developed have laid the foundation for a robust and reliable payment system that facilitates inclusive and sustainable economic growth and benefits all Filipinos. More importantly, our work has helped the country prepare for the digital future,” USAID Philippines Mission Director Lawrence Hardy II said during the project’s conclusion on Tuesday, February 16, 2021.
E-PESO specifically supported the digitization of the Bureau of Internal Revenue (BIR) systems and helped 11 local government units increase efficiency by opening online and mobile payment platforms for property taxes, building and business permits, and other fees and charges.
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno conveyed the government’s gratitude to USAID and its E-PESO project that resulted not only in establishing concrete and pioneering projects to promote financial inclusion but also a safe and efficient payments and settlements system in the country.
On the part of the BIR, Commissioner Caesar Dulay said: “With USAID’s technical assistance and collaboration, BIR grew its digital tax collection significantly, with more than 80 percent of revenues consistently delivered via e-payment by taxpayers over the last two years.”
The USAID also assisted the Department of Trade and Industry (DTI) in training women in digital entrepreneurship that enabled 348 women entrepreneurs to open online stores, which generated P36 million in revenue during the first six months of operation.
DTI Undersecretary Blesila Lantayona cited the importance of E-commerce and digital marketing as powerful tools of empowerment as “they break down barriers to women entrepreneurs and transform businesses towards a better and sustainable economy.”
Also benefitting from the project is the Department of Social Welfare and Development (DSWD). The department partnered with the USAID and the private sector to develop a web-based app used to help distribute relief funds via e-payment to beneficiaries’ e-wallets or banks during the COVID-19 (coronavirus disease 2019) pandemic.
Through the partnership, about 10 million beneficiaries received their subsidies faster and safer, while 9.3 million individuals from low-income families opened new transaction accounts, thereby increasing financial inclusion.
DSWD Secretary Rolando Bautista has cited the importance of the USAID-backed project with its experience during the rollout of the Social Amelioration Program where electronic payment – most especially during these trying times – remained vital in mitigating the socioeconomic effects brought about by the pandemic.
“With the USAID E-PESO project, we are one step closer in achieving our goal of uplifting the conditions of the people,” Bautista said.