Online payments for business name registration jumped by 73 percent in the first half this year, doubling the 35 percent pre-pandemic growth in 2019, Trade and Industry Secretary Alfredo E. Pascual reported.
In a keynote speech at the business relaunch of PayMaya Enterprise as Maya, Pascual reported this significant use of online payments even as DTI’s Business Name Registration System (BNRS) also posted significant increase in online registration and renewals.
“Over-the-counter via DTI tellers BN registration fees shifted to online payments, more than doubling from 35 percent in 2019 to 73 percent in 2022. Of total online BNRS registration, Maya accounted for 10 percent BN payment collections," he said. There were 32,708 BNRS applications during the first half this year and online payments of P22.9 million.
Online payment collections through Maya reached P15.3 million or approximately 67 percent was paid via PayMaya Wallet. The remaining business name payments are collected via Debit/Credit Card and Smart Padala/Bills.
With that he cited Maya’s help in making DTI actualize the e-commerce Philippines 2022 roadmap as he urged support for the Bangko Sentral ng Pilipinas' Digital Payment Transformation Roadmap 2020- 2023 by meeting, if not exceeding, the set goals of 50 percent digital payment volume and 70 percent financial inclusion for all Filipino adults.
“Collaboration between industry and government is effective in promoting priority initiatives. We have accomplished much through our collaborations, and the successful outcome speaks for itself,” he said.
Formerly Paymaya, Maya is a crucial player in the DTI's transition to e-government, particularly in digitalizing business name registration. The then Paymaya has been present from the initial meeting to the signing of the quad-partite agreement, then the Memorandum of Agreement in September 2019, and finally, the integration of Maya with the Business Name Registration System (or BNRS) Next Generation Program.
“Business name registration and renewals have become more efficient, flexible, and convenient for entrepreneurs as they offer various payment options, including debit/credit card, Maya ewallet/Smart Padala, GCash, and Landbank Linkbiz,” he said.
The DTI chief added that during the Post SONA Economic Briefing, the Economic Cluster presented President Marcos’ 8-point socioeconomic agenda, which includes expanding and improving digital infrastructure.
This agenda emphasizes the importance of facilitating digital payments, promoting digital financial services, and enabling market regulations for building trust and data transfers in order to provide more opportunities for individuals and MSMEs.
“I believe the government will not be able to achieve its digital transformation goals on its own. The private sector, with its agile mindset and disposition has to play a key role, particularly in implementing the digital transformation of enterprises, both large and small as well as government itself,” he said.
“ Digital players and stakeholders in the private sector will set the direction and pace of this change, both independently and in conjunction with related public programs,” he said stressing that businesses in the digital ecosystem can help industries create more stable and higher paying jobs, make it easier for investors to set up their businesses and make our MSMEs more prosperous with widened market access, technology for enhancing productivity and competitiveness, and as well as financing ability.
On the part of the government, Pascual cited two government official issuances promoting digital transformation, particularly in digital payments: Executive Order 170 s. 2022, or the Adoption of Digital Payments for Government Disbursements and Collections, and the COA Circular No. 2021-014, which are the Guidelines on the Use of e-Collection and e-Payment for Government Transactions.
EO 170 s. 2022 aims to promote efficient service delivery, speed up transactions, increase revenue, and reduce the risk of graft and corruption, most importantly. It requires all covered agencies to use secure and efficient digital disbursement to pay for goods and services. All covered agencies must provide a digital method of collecting payments for taxes, fees, tolls, and other charges and impositions.
Meanwhile, the COA guidelines aim to provide clear audit policies and guidance on the use of e-Collections and e-Payments for government transactions, thereby removing common pitfalls in implementing e-Governance in public service.
This means, he said, moving forward financing decisions will be facilitated and become almost automatic given the availability of digitized enterprise data as a result of digitalization and e-commerce. ”Investors will find it easier to transact with the government and establish their businesses,” he said.