DESPITE the rise of digital finance, many businesses in the Philippines continue to depend on cash and checks for transactions, supplier payments and day-to-day operations.
This reliance comes with significant drawbacks — limited transparency, heightened risks of cash loss or theft, and delays in check clearing that can disrupt cash flow.
To help drive the transition toward more efficient payment methods, Citi Philippines recently hosted an event at Shangri-La the Fort titled “Driving Momentum in Digital Payments Transformation.”
The session brought together key stakeholders, including representatives from the Bangko Sentral ng Pilipinas (BSP) and the Bureau of Internal Revenue (BIR).
Opening the session, Citi Philippines CEO Paul Favila emphasized the advantages of digital payments for businesses.
“Digital payments are inherently safer, with transactions that are more secure, transparent, and traceable. They driveefficiency by automating processes, reducing manual effort, and minimizing risk, while providing clear visibility into cash flow and helping businesses lower costs, while also strengthening governance and control,” he said.
According to BSP Deputy Governor Mamerto Tangonan, the rapid evolution of the payments landscape is putting digital payments at the core of the financial system, and BSP continues to roll out initiatives to expand adoption and usage, including Bills Pay PH, Direct Debit and Project Agila.
Elenita Mariano, BIR Chief of Taxpayer Service Programs and Monitoring Division, shared that the agency is implementing an integrated digital strategy to deliver automated, end-to-end solutions for taxpayers.
Facilitating the panel discussion was Citi Philippines Country Head of Services Arlene Nethercott.
Visit www.citigroup.com for more information.