The adoption of digital technologies in the construction industry allows the space to produce more efficient, high-quality, and safe projects, but more importantly, it protects the sector from fraud and other criminal acts.
On Friday, the Philippine Contractors Board, an attached agency of the Department of Trade and Industry and the regulatory body of the construction industry, signed a memorandum of understanding with NetGlobal Solutions Inc., to digitize its payment system.
“Establishing a reliable digital payment system is critical to our collection efforts,” stated Atty. Herbert D. G. Matienzo, PCAB executive director. He added their partnership with a reliable partner like NetGlobal establishes the integrity of the system, particularly because PCAB is using public funds for its operations.
As one of the implementing Boards in the Construction Industry Authority of the Philippines, PCAB is in charge of issuing licenses to contractors (including sub-contractors and specialty contractors) before they can engage in contracting business.
Among PCAB’s functions are the collection, transmittal and remittance of CIAP fees and charges and other payments in relation to the operations of its Implementing Boards PCAB’s renewal of regular licenses, new licenses, ARC and collects various fees, such as registration, certification, licensing, filing, review, legal research, penalties, processing and other legal fees.
Peter G. Lingatong, the chairman and CEO of NetGlobal, cited the many benefits of digital payment versus traditional cash transactions, particularly the convenience of doing business anywhere.
“Among the benefits of digital payments is, of course, the convenience. Contractors do not need to go to the nearest bank or PCAB office to pay their fees. The new digital payment platform will allow them to transact with PCAB anytime and anywhere with a few clicks and steps, and they are done,” Lingaton said.
He added the new system also offers security as it eliminates the need to send somebody carrying a significant amount of cash to transact with banks or PCAB to complete their payment.
Under the PCAB-NetGlobal partnership, the regulator will adopt NetGlobal Pay, a locally developed software that can be customized to suit the particular needs of any agency, company, or organization.
NetGlobal employs advanced security measures, including encryption and multi-factor authentication, thus safeguarding transactions against fraud and unauthorized access.
The digital payment gateway can accept various payment methods, such as QRPH, card and debit cards and e-wallets.