TOP > News > PH Department of Finance Considers Blockchain for Tax Collection
August 17, 2018 Updated

The Department of Finance is looking at the blockchain to improve tax collection, deter smugglers, and to advocate transparency in businesses.

While various agencies in the Philippine government are coming with guidelines and regulations in dealing with cryptocurrency and the blockchain, the Department of Finance (DoF) is looking at applying it within its system.

DoF spokesperson Paola Alvarez said the agency is open to explore the blockchain technology in terms of the department’s tax collection, transparency, business, and extermination of illegal smuggling. Furthermore, he said that DoF secretary Carlos Dominguez is really pushing for using fintech to improve businesses, such as when paying taxes online.

The DoF spokesperson said that they are still waiting for the Bangko Sentral ng Pilipinas’ (BSP) regulations before making a move, because the technology is still new and complicated.

According to Ms. Alvarez, the department is approaching the new technology slowly and the DoF secretary himself, Mr. Dominguez, has created a technical team to study the blockchain and its applications.

Currently, the Securities and Exchange Commission (SEC) is having multiple meetings with blockchain and cryptocurrency stakeholders to help them create a guideline and rules for the public and the industry.

The Philippines is also making waves globally as it opens its Cagayan Special Economic Zone and Freeport (CSEZFP) to fintech, crypto, and blockchain companies worldwide. Cagayan Economic Zone Authority (CEZA) will take the helm and has estimated a profit of about Php 2 billion in two years.

Source: Investing

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