DoF aims to digitalize 50% of retail payments

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Photo from: Pexels

By Manila Times

The Department of Finance (DoF) wants to digitalize half of all retail payments and onboard 70 percent of the adult population into the formal financial system by 2023.

The Finance department made the announcement after the World Bank expressed a desire to assist the Philippine government in digitizing services and modernizing the bureaucracy.

Finance Secretary Benjamin Diokno and World Bank Group country director Ndiame Diop recently discussed further alignment and collaboration between the Philippines and World Bank in line with the socioeconomic priorities of the Marcos administration.

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