STATE-LED Land Bank of the Philippines has signed a memorandum of agreement with the Finance department to supply the agency’s employees with government purchase cards (GPC) to streamline their purchases.
In a press release, the agreement authorized employees of the Department of Finance (DoF) to be provided with cards to pay eligible purchases including travel and representation expenses; miscellaneous small-value purchases; hotel and lodging; computer software, services, and digital context; and fuel, automotive parts, and services, among others.
Finance Secretary Benjamin E. Diokno said the bank’s GPC program “will serve as an important tool that will eliminate procurement lead time, reduce procurement workload, facilitate quicker payments, and reduce administrative costs and time wasted in the liquidation process.”
Cecilia C. Borromeo, the bank’s president and chief executive officer, said the program would further support the DoF in improving operational efficiency and promoting transparency in the disbursement of public funds.
“We will continue to explore ways and meaningful initiatives in accelerating the country’s digital transformation journey for improved governance,” she said.
The DoF is the second government agency to implement the GPC program after its successful pilot implementation with the Bureau of the Treasury (BTr) in 2017 and approval by the Bangko Sentral ng Pilipinas (BSP) for full implementation, the media release said.
It added that the GPC program is a joint initiative of the BTr, the Department of Budget and Management, and the bank. It aims to promote a convenient, transparent, and efficient payment process to further drive public digital financial management.
The program is said to help reduce cash handling by limiting the frequency and amount of cash advances, as well as shortening the liquidation period of obligations to suppliers of goods and services.
It also enables government agencies to develop a database of financial information derived from the transaction records of purchasing card activities that can be used to improve overall financial management.
Mr. Diokno and Ms. Borromeo led the ceremonial signing of the agreement on Dec. 6. — Aaron Michael C. Sy