STATE-OWNED Development Bank of the Philippines (DBP) has signed an agreement with the local government of San Fernando, Pampanga and a payments solutions provider to streamline online business payment processes of the city, an official said.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said the tripartite agreement with the City Government and I-Pay MYEG Philippines Inc. aims to enhance the ongoing automation of the business permits and licensing system of the local government and provide the transacting public with digital payment options.
"DBP is enthused with this partnership, which will pave the way for more efficient payment and collection of business and real property taxes for the bustling City of San Fernando," Herbosa said.
DBP is the eighth largest bank in the country in terms of assets and has a branch network of 129 branches, including 11 branch units. It has been designated by the Bangko Sentral ng Pilipinas to act as one of the settlement banks of government entities including local government units.
Under the agreement, DBP will act as consolidator and settlement bank of all collections received through the LGU's E-Services Systems, including I-Pay MYEG Philippines' accredited electronic payment centers. I-Pay MYEG Philippines is one of the leading technology and payments providers that caters mostly to LGUs.
Herbosa said clients of the City Government can pay through I-Pay MYEG Philippines' accredited electronic payment centers, which can be accessed through a mobile application, or through convenience stores, supermarkets, groceries, and malls.
He said this type of payment arrangement promotes efficiency and people-oriented delivery of government service, while promoting greater transparency especially during this time of national public health emergency.
"This innovative approach would also help in minimizing face-to-face transactions as well as handling of cash to mitigate the attendant risks amidst the prevailing national public health emergency," Herbosa added. (PR)