BSP joins DBM’s ‘add to cart’ initiative

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has joined the “add to cart” initiative of the Department of Budget and Management (DBM) for a faster and more efficient procurement process.

The DBM said the BSP received 14 multipurpose vehicles amounting to P25.3 million, which were all procured via the eMarketplace.

The latest transaction was completed nine days after the BSP placed its order. It also resulted in around P50,000 savings per unit compared to market price.

BSP procurement director Nina Rivera-Uy said the eMarketplace is an encapsulation of the ease of doing business, making it easier for both government employees and suppliers.

Uy said the platform deals with less documents and submissions, as well as few instances of human intervention, thereby reducing corruption.

Apart from the BSP, other agencies that used the eMarketplace include the Office for Transportation Security, Department of Justice, National Commission on Muslim Filipinos, Commission on Human Rights, Office for Alternative Dispute Resolution, Securities and Exchange Commission and Social Housing Finance Corp.

Earlier, the DBM said the eMarketplace is expected to generate at least P320 million in sales this year.

The eMarketplace is designed to modernize the procurement process, allowing agencies to conveniently “add to cart” essential goods and services, ensuring timely and cost-effective transactions.

The DBM maintained that early and efficient procurement of goods and services would further boost the economy as public spending accounts for 20 percent of gross domestic product.

The eMarketplace is one of the many components of the New Government Procurement Act that aims to modernize and augment public procurement processes in the country by addressing existing loopholes and inefficiencies.