The volume and value of transactions of tax payments via GCash app doubled during the first six months of the year, according to its president.
GCash saw the value of transactions for payments to the Bureau of Internal Revenue (BIR) surging by 117 percent to P574.89 million in the first half of 2020 from P265.19 million the year prior.
This growth is driven by the 90-percent increase in the volume of BIR transactions during the first semester of the year, ending at 225,222 transactions from 118,731 in the same period last year.
“The surge in both volume and value for tax payments is a reflection that GCash is fast becoming a preferred mode of payment for taxes. Taxpayers opt for a safe and convenient way of paying their taxes,” Martha Sazon, GCash president and chief executive said.
“We fully support the government in pursuing a more cashless Philippines, as we all adapt to the new normal,” she added.
The increase in BIR transactions made through the GCash app reflects preliminary government data, which showed that 77 percent of the BIR’s total tax collection from January 1 to June 15 were made through electronic means.
The filing of income tax returns was extended from April 15 to June 15 due to the limitations on mobility because of the national health situation.
Aside from tax payments, GCash also allows users to pay their government dues for their applications or contributions to the Department of Foreign Affairs (DFA), the Pag-IBIG Fund, the Maritime Industry Authority (Marina), the Metropolitan Manila Development Authority (MMDA), the National Bureau of Investigation (NBI), the National Home Mortgage Finance Corp. (NHMFC), the National Statistics Office, and the Philippine Overseas Employment Administration.
Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc.