#digital payments bill Philippines

The House of Representatives of the Philippines approved House Bill No. The proposed measure aims to create a nationwide digital payments system for transactions with the government and between private groups. The bill seeks to expand the use of digital payments in the country. Tinio said the bill does not clearly state who can access transaction data once digital payments become more common. He added that the bill may allow payment providers to charge transaction fees, even for small payments. The Department of Finance (DOF) has collected nearly PHP 7 billion from the new 12 percent value-added tax (VAT) imposed on digital services.   Affected parties include non-resident digital platforms operating in the Philippines like Lazada, Netflix, and Spotify. A month later, PHP 2.78 billion was collected from the non-resident digital service providers. Read more in our articles including "House approves Digital Payments Bill on second reading" and "BIR collects over PHP 7 billion from digital services VAT".