Government pushes $1.7 billion projects to boost digital finance

MANILA, Philippines — The government is pushing for $1.7 billion worth of projects to boost digital connectivity in the country in a bid to fuel economic growth.

Finance Secretary Benjamin Diokno said the administration is building a policy environment that is conducive to sustainable digital finance.

As such, Diokno said the government targets to broaden public access to information by using open data formats, lowering barriers to internet connectivity, and boosting broadband access in the country.

Currently, there are five infrastructure flagship projects aimed at boosting digital connectivity.

These include the Digital Transformation Centers (Upgraded “Tech4ED” Project), National Government Data Center (NGDC), National Broadband Program, Road Transport Information Technology Infrastructure Project Phase II, and Philippine Identification System.

“Four of these are already ongoing while one is under project preparation,” Diokno said.

“Together, the indicative total project cost amounts to about $1.7 billion,” he said.

For one, the digital transformation centers serve as dedicated training areas, as well as co-working spaces to support Filipinos develop the skills needed to participate in the digital economy.

The NGDC, on the other hand, aims to provide quicker and more reliable data exchange among state agencies at a lower cost to ensure greater efficiency.

Meanwhile, the National Broadband Program serves as the government’s strategy for faster, efficient, and equitable broadband connectivity across the country, especially for the geographically isolated and disadvantaged areas.

This comprises enhancing and building a pervasive broadband infrastructure, encouraging investments in the unserved and underserved communities, amending and creating ICT-related policies, and stimulating demand for local content.

Further, the second phase of the Road Transport Information Technology Infrastructure Project aims to deliver a transparent and efficient franchising system through streamlining of LTFRB’s current processes and automation.

It is expected to clean up existing data, enhance data collection, processing and integration within LTFRB and its related agencies, decrease processing time, promote transparency and ease of use, and improve access to public information and channels for feedback.

“Digitizing government transactions will help us increase the share of digital transactions in total payment volume to at least 50 percent,” Diokno said.

To eliminate delays and problems associated with traditional ways of governance, the government is pushing for the passage of the E-Governance bill, which mandates the adoption of ICT across government agencies.

On the other hand, Diokno urged the private sector to leverage digital infrastructure and data to collaborate, develop innovative business models, and navigate disruption.