The Philippines tries their best in establishing their own as a blockchain-friendly destination through regulators, banks, economic zones and the nation itself. The country have warmly received the nascent technology whereas embracing other offered opportunities.
The Department of Finance said on Monday said that it will open in exploring opportunities by offering blockchain in areas of tax collection, transparency, accessibility and reduction of illegal smuggling.
“Yes, of course, we are open to exploring blockchain. Secretary (Carlos) Dominguez is really pushing for the application of financial technology. He wants to harness fintech to improve business, for example, payment of taxes online,” said Paola Alvarez, Department of Finance spokesperson.
Although, Alvarez stated that the Department of Finance is still on standby for the regulations of the Philippine central bank to come up for their technology is somewhat new and complicated.
Meanwhile, the Department of Finance has introduced their new pay system, an online platform which allows taxpayers and other state clients in sending their money via digital means to various government agencies.
The new pay system, PHPay, aims for their system to “cover the development of a payment gateway and a payment ledgering management system for the whole of government.”
Alvarez also stated that the finance department is attaining the technological state one at a time through understanding it better. Dominguez also added that she created a technical team that will look in blockchain and fintech applications.
The decentralized distributed ledger, Blockchain, is usable in storing their data as it is nearly impossible to alter information which has been stored on it. Forgery is now unfeasible in eliminating the risk of watered-down taxes or any altered documents related in their tax payments.
Friendly for Blockchain
In the previous year, the Philippine Securities and Exchange Commission (SEC) has called upon the Philippine’s blockchain and cryptocurrency community in helping the draft for appropriate rules in the industry.
“The government wants to be proactive in creating rules about cryptocurrency. We want to engage all the stakeholders by asking for your feedback. We don’t want to ban anything just because we don’t understand something. That is why your feedback and your cooperation are important so we can come up with an appropriate rule about cryptocurrency trading,” the SEC Commissioner Ephyro Luis Amatong said to the crowd of industry stakeholders.
In other parts, the Cagayan Economic Zone Authority (CEZA) as headed by Raul Lambino has unveiled their plan in transforming the northern part of the Philippines as the next Silicon Valley or FinTech City of Asia in opening economic zones into offshore companies that are engaged in financial technology and certain blockchain solutions.