FFE Magazine

New cashless system aims to make government transactions more Transparent

by FFE PH News Staff

 

"Ceremonial turnover of the Cashless Purchase Card Program, between President Benigno S. Aquino III and Citibank Corporate and Investment Banking Vice Chairman Jay Collins and Ciitibank CEO Philippines Batara Siantun. — Good Governance Summit, January 15, 2014." Photo: gov.ph

Ceremonial turnover of the Cashless Purchase Card Program between President Benigno S. Aquino III and Citibank Corporate and Investment Banking Vice Chairman Jay Collins and Citibank CEO Philippines Batara Siantun. — Good Governance Summit, January 15, 2014.” Photo: gov.ph

 

To curb corruption, the government has just introduced the Cashless Purchase Card programme that allows some government agencies to make their financial transactions entirely electronic.

 

According to President Benigno Aquino III in his speech during the Good Governance Summit 2014 today, the cards will resemble ordinary credit cards but will have additional restrictions suited for government needs.

 

In its pilot phase, the cashless programme will be implemented in three agencies, namely the Department of Budget and Management (DBM), Armed Forces of the Philippines (AFP) and the Department of National Defense (DND). Transactions will be limited to medical supplies, meals, airline tickets, transportation of official documents and supplies for minor repairs.

 

‘If all goes well, the programme will be rolled out and cashless purchase cards will be distributed in other national government agencies next year,’ said Aquino.

 

According to DBM Undersecretary Richard Moya, the transition from using cash and checks in government transactions to the Cashless Purchase Card will make the auditing and accounting process more transparent and less of a hassle. Moya added that the new system will give DBM the ability to easily trace corruption within the agencies.

 

‘The bureaucracy’s dependence on petty cash and checks for various official purchases has unfortunately made many of our financial transactions prone to abuse and corruption. The Cashless Purchase Card will strike at the root of these irregularities by allowing government to enter into transactions through purely electronic means, and within a system that’s updated in real-time, easy to monitor, and completely trackable,’ Moya said.

 

Roughly 54% of all government transactions are already done through a cashless system while 98% of all retail financial transactions in the Philippines are still done in cash.

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