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Wednesday, May 29, 2024

PH secures World Bank’s support for digitalization plan

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Finance Secretary Ralph Recto has secured support of the World Bank for the Philippine government’s digitalization program to enhance tax administration.

Recto, who attended a World Bank Group (WBG) meeting led by regional vice president for East Asia and the Pacific Manuela Ferro, emphasized the Department of Finance (DOF)’s focus on digitalization to improve tax collection efficiency, especially now that a fourth of Filipino consumers have moved to e-commerce.

The WB expressed strong support for assisting the DOF, noting that it has created a new team in the institution dedicated to providing digital solutions to a variety of development programs, especially to those connected to fiscal areas.

The WB said it is also looking to expand these digital service solutions to other areas such as education and health.

Recto sought technical assistance to support the digitalization of government agencies, especially the Department of Information and Communications Technology (DICT).

Apart from digitalization, the government also aims to speed up the roll-out of flagship infrastructure projects, including physical connectivity, roads, and bridges as well as the modernization of airports and seaports.

Meanwhile, the WB pledged assistance to provide wider access to a reliable power supply in the country, especially in remote areas, as well as to harness renewable energy resources to accelerate the Philippines’ transition to clean energy.

The Washington-based lender said it would help the country increase its investments in human capital by supporting early childhood and nutritional programs as well as the upskilling and re-skilling of the workers to boost its labor force.

It offered support for the country’s agriculture sector to improve productivity and profitability to address food security while reducing emissions through technological practices.

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