Aquino launches ‘Cashless Purchase Card’ system

As part of its anti-corruption campaign, the Aquino administration launched a Cashless Purchase Card system on Wednesday’s Good Governance Summit.

Under the system, government’s financial transactions will be made through electronic means instead of cash or checks.

“A recent study identified that one of the major financial risks remaining is the high volume of cash advances in agencies. The risks of this kind of system are obvious: the presence of large sums of cash in offices can pose a temptation to even the most honest employee—not to mention those who would willingly take advantage of such a situation,” Aquino said.

The cashless card will function like a credit card which government employees and offices can use for their procurement needs. The cashless system is a joint effort between the Aquino administration and Citibank.

“We are far from being a cashless society: 98 percent of all retail financial transactions in our country are still made in cash. The government seems to be ahead of the market, with 54 percent of its financial transactions already done through a cashless system,” the President noted. “For the sake of accountability and efficiency, we are pushing the envelope further.”

The system will initially be implemented across three agencies: the Departments of Budget and Management, National Defense, and the Armed Forces of the Philippines.

“A limited number of cards will be distributed to these agencies, with allowable purchases likewise limited to medical supplies, meals, the transportation of official documents, airline tickets, and construction supplies for minor repairs. If all goes well, the program will be rolled out and cashless purchases cards will be distributed in other national government agencies next year,” Aquino said.


READ MORE: SC urged: Stop all lump sum funds in 2014 budget

More of Dateline Philippines, here.

ANC RECOMMENDS

  • Camarines Sur bus crash leaves 5 dead, 15 injured

    Camarines Sur bus crash leaves 5 dead, 15 injured

    Camarines Sur bus crash leaves 5 dead, 15 injured

    Among the fatalities was a 2-year-old boy.

  • PNoy inspects NAIA amid Holy Week rush

    PNoy inspects NAIA amid Holy Week rush

    PNoy inspects NAIA amid Holy Week rush

    President Benigno Aquino III arrived at the Ninoy Aquino International Airport (NAIA) Terminal 3 with Department of Transportation and Communications (DOTC) Secretary Jun Abaya.

  • MMDA to Holy Week motorists: Avoid EDSA

    MMDA to Holy Week motorists: Avoid EDSA

    MMDA to Holy Week motorists: Avoid EDSA

    A massive road reblocking project is set to begin in EDSA, which affects 94 segments going through Quezon City, Mandaluyong, and Makati.

  • QC Jail Confessions: Priest visits inmates and cops

    QC Jail Confessions: Priest visits inmates and cops

    QC Jail Confessions: Priest visits inmates and cops

    To mark the start of the Holy Week, prisoners and policemen of the Quezon City Police Department (QCPD) received the Sacrament of Reconciliation for the Holy Week. A makeshift confessional was set up and a priest came to hear their confessions. (TJB)

  • SLIDESHOW: Like or Not? Secret Files on Facebook

    SLIDESHOW: Like or Not? Secret Files on Facebook

    SLIDESHOW: Like or Not? Secret Files on Facebook

    Under the protection of anonimity, students from different schools, colleges, and universities post confessions on Facebook "secret files" pages. Run by (presumably) student administrators, these pages accept submissions of stories that cover crazy bowel escapades, painful heartbreaks, sports inquiries, lustful adventures, ar even calls for help. (TJB)

MOST POPULAR ON ANC