Venom Blockchain Boosts Digitization In The Philippines

Experts estimate that digitalizing the economy could lead to an annual GDP growth of one to two percent, which means billions of dollars in additional revenue that could boost the economy, help improve the quality of life of Filipinos and develop infrastructure.

The National Printing Office (NPO), which is working on its own digitalization roadmap, is expected to benefit from the digitization efforts, as in the country, at least 6.5 billion receipts are being printed annually.

Most of the receipts are issued in accordance with the requirements of the Bureau of Internal Revenue, which is regulating the issuance of official receipts and commercial invoices through the Electronic Invoicing System that has been introduced to reduce VAT fraud and improve tax collection and administration.

President Ferdinand “Bongbong” Marcos Jr. has pressed for full digitalization under his administration to provide better services for Filipinos and eradicate corruption.